TW202316339A - Wagering method with wager sell back option - Google Patents

Abstract

A user may purchase an option to cancel a wager in exchange for a refund amount. In purchasing the option, the user may select an exercise time from a plurality of exercise times, each exercise time having an associated price, which price may be the price of the option. The refund amount associated with each exercise time may be the same amount. Responsive to a user exercising a purchased option, a determination may be made as to whether the time of exercise is at least prior to the selected exercise time. If so, the wager may be canceled in exchange for the refund amount.

Description

Betting method with bet put option

The present invention generally relates to placing bets.

An organization, company, institution or other entity that accepts bets or wagers placed by bettors on the general outcome of an event (for example, scores or other attributes of a sporting event) is known as a sportsbook. The role of a sportsbook is to act as a bookmaker for sports betting. A sportsbook that accepts bets on either team or opponent and maintains a spread, which aims to ensure profit by attempting to attract an equal dollar amount of bets on each team or opponent for a particular event (i.e., a rake) . Sportsbooks in general are constantly looking to improve profits while maintaining the interest of current bettors and attracting new bettors.

According to one example, a request to bet on an event may be received from a user. An option may be provided for the user to purchase to cancel the wager in exchange for a refund amount. Providing an option may include providing at least a first exercise time and a second exercise time for selection by the user, the first exercise time having a first fee associated therewith and the second exercise time having a second fee associated therewith. The price of an option may be based on a fee associated with the execution time selected by the user. The selection of the first execution time may allow the user to cancel the bet at least before the first execution time in exchange for a refund amount, and the selection of the second execution time may allow the user to cancel the bet at least before the second execution time in exchange for a refund payment amount. The refund amount associated with each of the first execution time and the second execution time may be the same amount. Can receive instructions from users to purchase options. After purchase, a selection of the first execution time and/or the second execution time may also be received by the user. An indication that the user has paid for the option may be recorded (such as in and/or on a memory device, paper, etc.), the price of the option being based, for example, on a fee associated with an exercise time selected by the user. Can receive instructions from users to execute options. A determination can then be made as to when the indication was received compared to execution time. If the instruction is received at least before the selected execution time, the wager may be canceled in exchange for a refund of the amount. In the alternative, if the instruction is received after the selected execution time, for example an option may expire, the user's wager may still stand and/or not be cancelled, and the user may win or lose based on the outcome of the betting event bet. As another alternative, the selected exercise time may have elapsed and the user has not exercised the option/received no instruction from the user to exercise the option. In addition, options can expire, the user's wager can still stand/not be canceled, and the user can win or lose the wager based on the outcome of the betting event.

According to another and/or additional example, a request to bet on an event may be received from a user. A plurality of options may be provided to the user to cancel the wager in exchange for a refund amount, the plurality of options including at least a first option and a second option. A first option can be associated with a first exercise time and a first price, and a second exercise option can be associated with a second exercise time and a second price. The selection of the first option may allow the user to cancel the wager at least before the first execution time in exchange for a refund amount, and the selection of the second option may allow the user to cancel the wager at least before the second execution time in exchange for a refund amount . The refund amount associated with each of the first option and the second option may be the same amount. An instruction to purchase at least one of the first option and the second option from the user may be received. Can receive instructions from users to execute purchased options. A determination can then be made as to when the instruction was received compared to the exercise time associated with the purchased option. If the instruction is received at least before the exercise time associated with the option purchased, the wager may be canceled in exchange for a refund of the amount. In the alternative, if the instruction is received after the exercise time associated with the purchased option, for example the option may expire, the user's wager may still stand and/or not be cancelled, and the user may bet based on the The outcome wins or loses the bet. As another alternative, the exercise time associated with the purchased option may have elapsed and the user has not exercised/received an instruction to exercise the purchased option. In addition, options can expire, the user's wager can still stand/not be canceled, and the user can win or lose the wager based on the outcome of the betting event.

According to another and/or additional example, a request to bet on an event may be received from a user. An option may be provided for the user to purchase at a certain price to cancel the bet. An option may include multiple exercise times, including at least a first exercise time and a second exercise time. A first execution time may have a first refund amount associated therewith, and a second execution time may have a second refund amount associated therewith. The second execution time may follow the first execution time. The option may allow the user to cancel the wager in exchange for the first refund amount before and/or at the first exercise time, and/or at and/or after the first exercise time and The wager is canceled before and/or at the second execution time in exchange for a second refund amount. Can receive instructions from users to purchase options. Can receive instructions from users to execute options. A determination can then be made as to when the instruction was received compared to the exercise time associated with the option. If the instruction is received before and/or at the first exercise time associated with the option, the wager may be canceled in exchange for the first refund amount. Bets may be canceled if the instruction is received at and/or after the first exercise time and before and/or at the second exercise time associated with the option In exchange for the second refund amount. In the alternative, if the instruction is received at and/or after the second exercise time associated with the option, the option may expire and the user's wager may still exist/not be covered. Cancellation and the user may win or lose the bet based on the outcome of the betting event. As another alternative, all exercise time associated with the option may have elapsed without the user exercising/receiving an instruction to exercise the option. In addition, options can expire, the user's wager can still stand/not be canceled, and the user can win or lose the wager based on the outcome of the betting event.

According to another and/or additional example, a request to bet on an event may be received from a user. An option may be provided for the user to purchase at a certain price to cancel the bet. Can receive instructions from users to purchase options. Instructions to exercise options can be received. In response to the user exercising the option, the wager may be canceled in exchange for a refund amount. The user may need to use at least a portion of the refund amount to place another wager.

In the following description, certain specific details are set forth in order to provide a thorough understanding of various disclosed embodiments. However, one skilled in the art will appreciate that the embodiments may be practiced without one or more of these specific details, or with other methods, components, materials, and the like. In other instances, well-known structures associated with computing systems, including client and server computing systems, and networks, have not been shown or described in detail to avoid unnecessarily obscuring description of the embodiments.

Unless the context requires otherwise, throughout the following specification and claims, the word "comprise" and variations thereof (such as "comprise and comprising") are to be construed in an open, inclusive sense, that is, to mean " including, but not limited to".

Reference throughout this specification to "one embodiment" or "an embodiment" means that a particular feature, structure, or characteristic described in connection with the embodiment is included in at least one embodiment. Thus, the appearances of the words "in one embodiment" or "in an embodiment" in various places throughout this specification are not necessarily all referring to the same embodiment. Furthermore, particular features, structures, or characteristics may be combined in any suitable manner in one or more embodiments.

As used in this specification and the appended claims, the singular forms "a" and "the" include plural reference signs unless the context clearly dictates otherwise. It should also be noted that the term "or" is generally employed in its sense including "and/or" unless the context clearly dictates otherwise.

The titles and abstracts of the summary provided herein are for convenience only and do not interpret the scope or meaning of the embodiments.

FIG. 1 shows a network environment 100 including a plurality of servers and a plurality of clients communicatively coupled to the servers by one or more networks for placing wagers at an electronic sports betting site, according to one illustrated embodiment. The systems, devices and methods of the present invention can be part of the networked environment or they can be implemented therein.

The network environment 100 includes a plurality of server computing systems 102a through 102n (collectively 102). Server computing system 102 includes a processor that executes server instructions (ie, server software) stored on a computer-readable storage medium to provide server functions in network environment 100 . For example, the server computing system 102 may electronically generate, place, execute and/or track sportsbook wagers and sportsbook putbacks and related transactions; refund amount; and/or receive input regarding sportsbook wagers and sportsbook ticket put-back options and related transactions, the input being stored in one or more databases or other computer-readable storage media 104a to 104n (collectively referred to as 104). The term sportsbook as used herein means any service for placing bets or tracking bets on the outcome or otherwise of a sporting event such as football, basketball, baseball, soccer or any other sporting event, competition Or races, horse racing, political events, athletics, competitions, activities of public figures, activities of celebrities, etc., including any public events where sportsbooks provide betting opportunities.

Network environment 100 includes a plurality of client computing systems 106 a - 106 n (collectively 106 ) that are selectively communicatively coupled to one or more of server computing systems 102 via one or more communication networks 108 . The client computing system 106 includes one or more processors that execute one or more sets of communication instructions stored on any one of a plurality of non-transitory computer-readable storage media 110 (only one is shown in FIG. 1 ). The client computing system 106 may take many forms, such as a desktop computer, laptop or notebook personal computer, tablet computer, workstation, minicomputer, mainframe computer, or a microprocessor or microcontroller having a network capable of communicating other computing devices. Client computing system 106 may be communicatively coupled to the remainder of network 108 via wired, wireless, or a combination of wired and wireless communication channels.

The network environment 100 includes a plurality of telecommunication devices 111 (only one is shown). These telecommunication devices 111 may take the form of, for example, the Internet or Internet-enabled cellular phones (eg, iPHONE.RTM.). The network environment 100 also includes a plurality of personal digital assistant (PDA) devices 112 (only one shown). These PDA devices 112 may take the form of, for example, Internet or network-enabled PDAs or tablets (e.g., iPHONE.RTM., iPAD.RTM., TREO.RTM., BLACKBERRY.RTM.), which may (for example) Execute a set of browser commands or programs. Network environment 100 may include any number of other devices capable of some type of networked communication. Telecommunications device 110, PDA device 112, and any other device may be communicatively coupled to the remainder of network 108 via wired, wireless, or a combination of wired and wireless communication channels.

One or more communication networks 108 may take a variety of forms. For example, communication network 108 may include wired, wireless, optical, or a combination of wired, wireless, and/or optical communication links. The one or more communication networks 108 may include public networks, private networks, unsecured networks, secured networks, or combinations thereof. The one or more communication networks 108 may adopt any one or more communication protocols, such as TCP/IP protocol, UDP protocol, IEEE 802.11 protocol, and other telecommunication or computer networking protocols. The one or more communication networks 108 may include networks traditionally referred to as computing networks and/or networks traditionally referred to as telecommunications networks, or combinations thereof. In at least one embodiment, the one or more communication networks 108 include the Internet, and in particular, the World Wide Web (referred to herein as a "network"). Thus, in at least one embodiment, one or more of the server computing systems 102 execute server software to provide HTML raw files or web pages 114a-114d (collectively 114), and one or more client computing systems 106, Telecommunication device 110 and/or PDA 112 execute browser software to request and display HTML raw files or web pages 114 .

Network environment 100 includes an interactive system for electronically generating, placing, executing and/or tracking sportsbook wagers and sportsbook call put options and related transactions; and/or receive input regarding sportsbook bets placed and sportsbook issued ticket putbacks and related transactions. The interactive system may include one or more server computing systems 102 , database 104 and one or more client systems 106 , telecommunications devices 111 and/or PDA devices 112 .

One or more server computing systems 102 execute instructions stored on a non-transitory computer readable storage medium that cause server computing systems 102 to electronically generate, place, execute and/or track sports betting site wagers and Sportsbooks issue ticket put-back options and determine and issue refund amounts to or between one or more client systems 106, telecommunications devices 111, and/or PDA devices 112, and during or in conjunction with such services These services provide communications to and between one or more client systems 106, telecommunications devices 111, and/or PDA devices 112, and the like.

Although not required, embodiments will be described in the general context of computer-executable instructions, such as application engines, objects, or macros stored on and executed by a computer or processor-readable storage medium . Those skilled in the art will appreciate that the illustrated embodiment, as well as other embodiments, may use other accessory system configurations and/or other computing system configurations (including handheld devices, microprocessor systems, microprocessor-based or programmable ("PC"), network PC, minicomputer, mainframe, etc.). Embodiments may be practiced in distributed computing environments where tasks or actions are performed by remote processing devices that are linked through a communications network. In a distributed computing environment, program engines can be located in both local and remote memory storage devices.

FIG. 2 shows an electronic sports betting environment 200, which includes a communication channel (e.g., one or more local area networks (LAN) 208 and/or wide area network (WAN) 210 (which may Portion or connection to network 108)) communicatively coupled sportsbook betting computer system 202, payout computer system 262, exemplary Bettor A computer system 264, and exemplary Bettor B computer system 266. For example, server computing system 102 of FIG. 1 may include sportsbook betting computer system 202 and/or payout computer system 262 . Likewise, the plurality of client computing systems 106a-106n (collectively 106), telecommunications device 111 and/or PDA device 112 of FIG. Communication between the computer systems shown in FIG. 2 can also be accomplished by passing data on non-transitory computer-readable media (such as magnetic disks, pen drives, other memory devices, etc.) that can be read by such computer systems. conduct.

The payout computer system 262 may comprise a casino or other licensed sports betting establishment or one or more of the computer systems of various sportsbook entities. Exemplary Bettor A Computer System 264 and Exemplary Bettor B Computer System 266 may include a web browser on which websites, web pages and/or web applications are displayed or have sportsbook features such as those provided by casinos or other licensed sports betting establishments. Any user's computer system that places bets or betting applications on other sportsbook sites, etc. Such websites, web pages and/or web applications may include hosting and/or services by the Sportsbook Betting Computer System 202, or by the Sportsbook Betting Computer System 202, the exemplary Bettor A computer system The web server computer system accessed by 264 and the exemplary Bettor B computer system 266 hosts and/or serves websites, webpages and/or web applications. For example, the web server computer system can be one or more of the server computing systems 102 of FIG. 1 .

Sportsbook wagering computer system 202 may include computer systems that electronically generate, place, execute and/or track sportsbook wagering and sportsbook put-back options and related transactions; and/or receive input regarding sports betting site wagering and sports betting site posting options and related transactions, which input is stored in one or more databases or other computer readable storage medium. Betting on sportsbooks may include betting on any public event on which sportsbooks offer betting opportunities, including (but not limited to): sports events, horse racing, political events, athletics, competitions, events of public figures, events of celebrities, etc. . "Event" or "sporting event" as used herein means any public event on which a sportsbook offers the opportunity to bet on. The sportsbook betting computer system 202 may also provide a user interface to accept wagers from the exemplary bettor A via the exemplary bettor A computer system 264 and from the exemplary bettor B via the exemplary bettor B computer system 266, and selling a sports betting station put put option to exemplary bettor A via the exemplary bettor A computer system 264 and selling a sports betting put put option to exemplary bettor B via the exemplary bettor B computer system 266 . For example, the user interface may be displayed as, within or on web pages provided by the sportsbook betting computer system 202, or as an interface to other applications, including sportsbook businesses, organizations , companies and individuals from another network server computer system or other computers accessible via one or more local area network (LAN) 208 and/or wide area network (WAN) 210 (which may be part of network 108) Various webpages and websites hosted and/or provided by the system.

The sportsbook betting computer system 202 will sometimes be referred to herein as being in the singular, but this is not intended to limit the embodiments to a single device, as more than one sportsbook may be involved in a typical embodiment. Note computer systems or other devices, or there may be multiple different computing systems each storing and/or providing different items (eg, a web server separate from the sportsbook betting server or payment payout server, etc.). Unless otherwise described, the construction and operation of the various blocks shown in Figure 2 are of conventional design. Accordingly, these blocks need not be further detailed herein as they will be understood by those skilled in the art.

Sportsbook wagering computer system 202 may include one or more processing units 212a, 212b (collectively 212), system memory 214, and system bus 216 coupling various system components including system memory 214 to processing unit 212 . The processing unit 212 may be any logical processing unit, such as one or more central processing units (CPUs) 212a, digital signal processors (DSPs) 212b, application specific integrated circuits (ASICs), field programmable gate arrays (FPGAs) etc. The system bus 216 may employ any known bus structure or architecture, including a system bus with a memory controller, a peripheral bus, and a local bus. System memory 214 includes read only memory (“ROM”) 218 and random access memory (“RAM”) 220 . Basic input/output system ("BIOS") 222, which may form part of ROM 218, contains the basic routines that facilitate the transfer of information between elements within sports betting station wagering computer system 202, such as during start-up.

The sports betting station wagering computer system 202 may include a hard disk drive 224 for reading from and writing to a hard disk 226, for reading from and writing to a removable optical disk 232 An optical drive 228 for an optical disc 232 and/or a disc drive 230 for reading from and writing to a magnetic disc 234 . Optical disc 232 may be a digital video disc ("DVD"), and magnetic disc 234 may be a magnetic or floppy disk or other storage media. Hard disk drive 224 , optical disk drive 228 , and magnetic disk drive 230 can communicate with processing unit 212 via system bus 216 . Hard disk drive 224, optical disk drive 228, and magnetic disk drive 230 may include an interface or controller (not shown) coupled between these drives and system bus 216, as would be understood by those skilled in the art. Drives 224, 228, and 230 and their associated computer-readable storage media 226, 232, 234 provide non-volatile storage of computer-readable instructions, data structures, program engines, and other data for sportsbook wagering computer system 202 and non-transitory storage. Although the depicted sportsbook wagering computer system 202 is shown as employing a hard disk drive 224, an optical disk drive 228, and a magnetic disk drive 230, those skilled in the art will understand that alternatives that can store data that can be accessed by the computer Other types of computer-readable storage media such as magnetic tape cartridges, flash memory cards, compact discs ("CDs"), Bernoulli cartridges, RAM, ROM, smart cards, solid-state drives ,etc.

The sportsbook wagering computer system 202 may include a network interface 260 operatively coupled to the system bus 216 . Network interface 260 may, for example, include one or more modems 299 and/or one or more Ethernet cards or other types of communication cards or components to enable communication via one or more local area networks (LANs) 208 or wide area networks ( WAN) 210 for communication.

A program engine may be stored in system memory 214, such as an operating system 236, one or more application programs 238, a refund amount determination module 240, program data 242, and a historical analysis module 244 capable of analyzing historical data of previous sporting events . The application 238 may include causing the processor 212 to accept wagers from the Bettor A computer system 264, the Bettor B computer system 266, and/or other bettor computer systems, and sell the sports ticket put option to the Bettor A computer Instructions from System 264, Bettor B Computer System 266 and/or other Bettor computer systems. Application 238 and Refund Amount Determination Module 240 may include computer-executable instructions and functionality to provide an interface to perform one or more of the following: sportsbook wagering, execution of previously selected or purchased sportsbook put-back options , and when the bettor executes the previously selected or purchased sports betting station sell-back option, the refund amount is determined based on the analysis of the historical data of previous sports events by the historical analysis module. The application program 238 and the refund amount determination module 240 may use one or more network protocols or combinations thereof (including (but not limited to) hypertext transfer protocol (HTTP), TCP/IP protocol, UDP protocol, and IEEE 802.11 protocol and other telecommunications or computer networking protocols) deliver these services over LAN 208 or WAN 210.

Applications 238 may also include instructions for handling security such as passwords or other access protection and encryption of communications, and also enable access to data and communication with other networks such as an intranet, extranet, or as described below and other server applications on servers or computer systems such as those discussed further below. In particular, system memory 214 may contain a historical analysis module or program (e.g., historical analysis module 244) configured to analyze and execute current sports events with put-back options for wagered and purchased sportsbooks. Statistical analysis of previous sporting events for characteristics common to the events. For example, such analyzes may be based on historical statistics (which relate to the results of previous sporting events of the same type as the current sporting event when the corresponding games in the previous sporting events were paused or corresponding time intervals) and corresponding games in the previous sporting events Pause or other corresponding factors when corresponding time intervals.

Although shown as being stored in system memory 214 in FIG. on the hard disk 226 , the optical disk 232 of the optical disk drive 228 and/or the magnetic disk 234 of the magnetic disk drive 230 .

An operator may enter commands and instructions into the sportsbook wagering computer system 202 through an input device such as a touch screen or keyboard 246 and/or a pointing device such as a mouse 248 and/or via a graphical user interface. Other input devices may include microphones, joysticks, game pads, tablets, scanners, and the like. These and other input devices are connected to one or more of the processing units 212 through an interface 250 coupled to the system bus 216, such as a serial port interface, although other interfaces may also be used, such as parallel ports, game ports, or wireless interface or Universal Serial Bus (“USB”). A monitor 252 or other display device is coupled to the system bus 216 via a video interface 254, such as a video adapter. The sportsbook wagering computer system 202 may include other output devices, such as speakers, printers, and the like. The sportsbook wagering computer system 202 may operate in a networked environment using logical connections to one or more remote computers and/or devices as described above with reference to FIG. 1 . For example, sportsbook betting computer system 202 may use logical connections to payout computer system 262 and one or more bettor computer systems (e.g., bettor A computer system 264 and/or bettor B computer system 266) at Operate in a networked environment. Communications can occur via wired and/or wireless network architectures (eg, wired and wireless enterprise-wide computer networks, intranets, extranets, and the Internet). Other embodiments may include other types of communication networks, including telecommunications networks, cellular networks, pager networks, and other mobile networks.

The payout computer system 262 can be separate from or integrated with the sports betting computer system 202 and can take the form of conventional mainframe computers, minicomputers, workstation computers, personal computers (desktop or laptop). Payment disbursement computer system 262 may include a processing unit 268 , system memory 269 , and a system bus (not shown) coupling various system components including system memory 269 to processing unit 268 . Payment disbursement computer system 262 will sometimes be referred to herein in the singular, but this is not intended to limit the embodiments to a single payment disbursement computer system 262, as in typical embodiments more than one payment disbursement computer system may be involved 262 or other devices. Non-limiting examples of commercially available computer systems include (but are not limited to) 80.times.86 or Pentium series microprocessors from Intel Corporation of the United States, PowerPC microprocessors from IBM, Sparc microprocessors from Sun Microsystems, Inc., Hewlett- PA-RISC series microprocessors from Packard Company or 68xxx series microprocessors from Motorola Corporation.

The processing unit 268 may be any logical processing unit, such as one or more central processing units (CPUs), digital signal processors (DSPs), application specific integrated circuits (ASICs), field programmable gate arrays (FPGAs), etc. . Unless otherwise described, the construction and operation of the various blocks of the payment disbursement computer system 262 shown in FIG. 2 are of conventional design. Accordingly, these blocks need not be further detailed herein as they will be understood by those skilled in the art. The system bus may employ any known bus structure or architecture, including a system bus with a memory controller, a peripheral bus, and a local bus. System memory 269 includes read only memory (“ROM”) 270 and random access memory (“RAM”) 272 . Basic input/output system (“BIOS”) 271 , which may form part of ROM 270 , contains the basic routines that facilitate the transfer of information to elements within peripheral computing system 114 , such as during startup.

The payment disbursement computer system 262 may also include a device for reading from and writing to the computer-readable storage medium 274 (e.g., a hard disk, optical disk, and/or magnetic disk). and/or disk) one or more media drives 273 (eg, hard disk drive, magnetic disk drive, and/or optical disk drive). Computer-readable storage media 274 may, for example, take the form of removable media. For example, hard disks may take the form of Winchester drives, optical disks may take the form of DVDs, and magnetic disks may take the form of magnetic or floppy disks. Media drive 273 communicates with processing unit 268 via one or more system buses. Media drives 273 may include an interface or controller (not shown) coupled between such drives and the system bus, as would be understood by those skilled in the art. Media drives 273 and their associated computer-readable storage media 274 provide non-volatile storage of computer-readable instructions, data structures, program engines, and other data for payment computer system 262 . Although described as employing computer-readable storage media 274 such as hard disks, optical discs, and magnetic disks, those skilled in the art will appreciate that payment disbursement computer system 262 may employ other types of computers that can store data that can be accessed by the computer Readable storage media such as magnetic tape cassettes, flash memory cards, compact discs ("CDs"), Bernoulli cartridges, RAM, ROM, smart cards, solid state drives, and the like.

Program engines such as an operating system, one or more application programs, other programs or engines, and program data may be stored in system memory 269 . The programming engine may include instructions for handling security such as passwords or other access protection and communication encryption. System memory 269 may also contain communications and server programs, such as a web server, that allow payouts to computer system 262 as bettors win wagers and/or (e.g., during specified game pauses or other indicated time periods during an event) ) payouts and/or initial payment payouts for refunds arising from exercise of sportsbook sell-back options by punters. Other indicated time periods may be any period from the moment of placing a wager to completion of the entire sporting event or completion of any portion of the sporting event. Payments may be made directly via an automatic payment machine or voucher printer (not shown) connected to or integral with the payout computer system 262 or electronically linked to an account associated with the bettor. Electronic payments can be made via the Internet and/or via web applications and or other network or electronic payment and deposit systems (such as automated clearing house (ACH) systems, credit and debit systems, etc.), via network 108 sent.

Although depicted as being stored in system memory 269 , an operating system, applications, other programs/engines, program data, and/or a browser may be stored on computer readable storage medium 274 of media drive 273 . An operator may enter commands and instructions into the payment disbursement computer system 262 via a user interface 275 through an input device such as a touch screen or keyboard 276 and/or a pointing device 277 such as a mouse. Other input devices may include microphones, joysticks, game pads, tablet computers, scanners (eg, sports betting station ticket scanners), and the like. These and other input devices are connected to the processing unit 269 through an interface coupled to the system bus, such as a serial port interface, although other interfaces such as a parallel port, game port, or wireless interface or a universal serial bus may also be used. ("USB"). A display or monitor 278 may be coupled to the system bus via a video interface, such as a video adapter. The payment disbursement computer system 262 may include other output devices, such as speakers, printers, and the like.

Payout computer system 262 includes instructions stored in a non-transitory computer readable storage medium that cause a processor of payout computer system 262 to place wagers from individual bettors through sportsbook computer system 202 via LAN 208 or WAN 210 The computer system (including, for example, from the Bettor A computer system 264 and the Bettor B computer system 266 ) pays the bettor to win the bet on the sports event wagered. For example, the sportsbook betting computer system 202 may pay out or initiate payout of an issued ticket (either paper or electronic) indicative of a bet placed on Bettor A's wager on a sporting event.

Payout computer system 262 also includes instructions stored in a non-transitory computer readable storage medium that cause the processor of payout computer system 262 to act as otherwise directed by the bettor at the specified game pause or place the original wager on the sporting event When executing the previously purchased sports betting station ticket sell-back option during the time period, the bettor will be refunded the amount determined and transmitted by the refund amount determination module 240 of the sports betting station betting computer system 202 . Other indicated time periods may be any period from the moment of placing a wager to completion of the entire sporting event or completion of any portion of the sporting event.

For example, Bettor A may have purchased an option to sell back a sportsbook ticket paid out by the sportsbook wagering computer system 202 during halftime of the sporting event being wagered for a refund amount judged upon exercise of the option. In some embodiments, this refund amount does not necessarily fall below a guaranteed predetermined minimum amount. To exercise the purchased option, at some time during the sporting event (e.g. halftime, between periods, between innings or quarters), bettor A sells back the betting computer by the sportsbook Sportsbook ticket issued by system 202: Bring, send, initiate or otherwise transmit the ticket (if electronic) to the payment disbursement computer system 262 for electronic scanning of the ticket Or read, determine the refund amount (by the sports betting computer system 202 or payout computer system) and receive the determined refund amount. In some embodiments, the payout computer system may authenticate wagers wirelessly (e.g., via near field communication (NFC) or radio frequency identification (RFID) chips in the bettor A computer system 264 and/or the payout computer system 262) Bettor A computer system 264 to enable payouts to Bettor A. It should be noted that while the refund amount determination module 240 and the historical analysis module 244 are shown as part of the sportsbook betting computer system 202, either or both of these modules may also or instead be a payment payout computer Part of system 262.

In the instance where refund amount determination module 240 is part of payment disbursement computer system 262, payment disbursement computer system 262 includes instructions stored on a non-transitory computer readable storage medium that cause payment disbursement computer system 262 The processor receives additional information and analysis from the sports betting station wagering computer system 202 (regarding the results of previous sporting events of the same type as the current sporting event being wagered and corresponding to the same game pauses or corresponding time intervals in the previous sporting events Historical statistical data and other corresponding factors in the suspension of the same game in previous sports events or corresponding time intervals) to determine the refund amount.

Bettor A computer system 264 may have one or more components similar to or similar to previously described computer systems (e.g., processing subsystem 280, which includes one or more non-transitory storage and computer readable memory; media subsystem system, which includes one or more drives and computer-readable storage media; and one or more user interface subsystems 282, which includes one or more keyboards, keypads, displays, pointing devices, graphical interfaces, scanners, and and/or printer).

Bettor A computer system 264 includes program instructions stored in a non-transitory computer readable storage medium, such as configured to access the sportsbook betting computer system 202 and payout computer system (e.g., remotely betting on a sporting event, Program instructions of the web browser 284 for services to purchase sportsbook putbacks, remotely execute previously purchased sportsbook putbacks, centralize refunds and payments, etc.). The browser 284 in the described embodiment is based on a markup language, such as Hypertext Markup Language (HTML), Extensible Markup Language (XML) or Wireless Markup Language (WML), and can represent a document using data attached to it The syntax of the structure operates in a markup language with spacers. A number of web clients or browsers are commercially available, such as those available from Mozilla, Google, and Microsoft.

Bettor B computer system 266 may have components similar or similar to previously described computer systems (e.g., processing subsystem 286, which includes one or more non-transitory storage and computer readable memory; media subsystem 288, which including one or more drives and computer-readable storage media; and one or more user interface subsystems 290 including one or more keyboards, keypads, displays, pointing devices, graphical interfaces, scanners, and/or printers watch machine).

For example, the Bettor B computer system 266 may include program instructions stored on a non-transitory computer readable storage medium, such as configured to access the services of the sportsbook betting computer system 202 and similar to the Bettor A computer system described above 264 web browser program instructions for web browsers. Although only two exemplary bettor computer systems are depicted in FIG. 2 , there may be fewer or more such bettor computer systems operatively connected to LAN 208 and/or WAN 210 in various other embodiments.

FIG. 3 is a diagram of an exemplary user interface 300 that enables bettor A to purchase a sportsbook bet put put option, one or more portions of which may be displayed at a sportsbook, according to one illustrated embodiment. Stand on the monitor of betting computer system 202 or gambler A computer system 264. Bettor A may purchase a sports betting station sell-back option via the interface 300 (eg, during the course of betting on a corresponding sporting event). In addition, bettors may purchase via interface 300 after placing bets on the corresponding sporting event prior to the designated game pause or completion of the indicated time period in which the option is exercisable and at some time after receipt of the ticket issued by the sportsbook that indicated the initial wager. Sportsbooks issue putback options. There may be some instances where sportsbook tickets are issued later when buy-back options are prohibited or terminated, including (but not limited to): point spread changes, key player injuries, key player deletions from rosters, catastrophic events for specific teams ,etc. The option purchased may be an option exercised by the bettor during a specified play pause or indicated time period (eg, halftime period) of the corresponding sporting event to cause the bettor to receive compensation for canceling the wager (ie, a determined refund amount).

However, in some embodiments, all or some of the features and components of user interface 300 described herein may be configured for use by sportsbook employees, or agents (in place of or in addition to Bettor A) , such as placing a bet and purchasing a put option on Bettor A's behalf. In other embodiments, neither the sportsbook nor Bettor A need use the Bettor A interface to place a bet and have the put option purchased by Bettor A. For example, Bettor A may enter a sportsbook and walk to an existing counter manned by an agent of the sportsbook. Bettors then request to place bets of any type on any type of event offered for wagering at the sportsbook, such as football, basketball, soccer, baseball, boxing, individual sports, horse racing, political events, athletics, contests, events of public figures, events of celebrities, etc.). Types of bets or bets may include (but are not limited to): Single, Total (i.e. High/Low), Win, Teaser, Forecast, Win Bet (Win Bet), Win-Die- Cancel (Double Bet), Reverse Bet, Buy Points, Pick'em Bet, etc. Bettor A then requests the agent to include his wager in the put, or the agent advises the bettor and the bettor accepts the advice from the agent to participate in the put. One or more of the above actions can be performed independently or in combination with the bettor A interface. In one embodiment, when Bettor A declines to purchase or elects a sportsbook putback option (or is never offered a putback option) and after the sportsbook that has issued an instruction to place an initial wager, the sportsbook The sportsbook may make an unsolicited offer to Bettor A to give Bettor A the opportunity to purchase the sportsbook putback option at some time before the game in which the option is exercised is suspended or the indicated time period is completed. Quotes to Bettor A may be displayed on a public display at the sportsbook establishment, displayed on a monitor on Bettor A's computer system, printed and provided to bettors, posted on the sportsbook website and/or Electronic transmission via mail, SMS, fax, etc.

The additional cost of participating in put options, if any, is determined by the sportsbook and may vary from 0% to any percentage of the ticket price or wager amount and/or any fixed dollar amount chosen by the sportsbook. At the discretion of the sportsbook, the additional cost of participating in a put option when placing a wager can be higher or lower than the additional cost of participating in a put option when purchasing it at a later time.

When exercising a sportsbook put-back option, the refund amount may be determined based on the current probability or odds of whether the bettor will win the bet placed on the bet (i.e., bettor A's sports The value of the call-back option issued by the gaming station). The option may also include a minimum guaranteed amount (eg, 20% of the amount wagered or other predetermined minimum amount) returned to the bettor if the bettor chooses to exercise the option. However, in some embodiments, there may not be a guaranteed percentage refund or other guaranteed refund amount. Show the bettor the current calculated refund amount when purchasing a sportsbook putback option or at any time from the moment the sporting event begins up to and including the time the bettor can exercise the option (i.e., the sportsbook the current value of the put-back option issued by the station). For example, this value may be displayed on a public display at the sportsbook's establishment, displayed on a monitor at the Bettor A interface, printed and provided to the bettor, posted on the sportsbook website and/or via mail, Text messages, faxes, etc. are sent electronically. In one exemplary embodiment, user interface item 308 of user interface 300 is configured to display an indication of the bet type (e.g., ABC), display which sporting event to bet on (e.g., XYZ game), and the bet amount (e.g., , $110) instructions. If Bettor A executes the Sportsbook Ticket Putback Option during a designated game pause prior to issuing the Ticket, UI Item 302 is configured to display a minimum guaranteed amount asking the Bettor if he or she would like to wager A reminder to buy this option with a percentage return. In some embodiments, there may be no minimum guaranteed percentage refund or other guaranteed refund amount. User interface item 302 also indicates the prepaid and non-refundable cost or fee charged to the bettor for the purchase of the put option. For example, the fee may be a percentage of the wager (eg, 2.5% of the wager). However, other percentage amounts, flat fees, or combinations thereof may optionally be charged by the sportsbook wagering computer system and will be indicated to the bettor via user interface item 302 . In some embodiments, the sportsbook may choose to charge no fee or a refundable fee for the purchased sportsbook sell-back option and this will be indicated to the bettor via user interface item 302 .

User interface item 302 also includes a control selectable by the bettor to indicate whether the bettor wishes to purchase a sportsbook put-back option. For example, the user selects icon or button 312 to indicate that the bettor wants to purchase options, and selects icon or button 314 to indicate that the bettor does not want to purchase options. In embodiments where user interface items 302 are displayed on sportsbook wagering computer system 202, interface 300 may also include a ticket print and retrieve component 316 configured to print to indicate wagering and whether Sportsbook tickets that have purchased sportsbook ticket put-back options. These instructions may be printed or otherwise encoded (eg, barcoded) on the sportsbook ticket dispensed by the ticket printing and retrieval component 316 .

In other embodiments (e.g., in embodiments in which the user interface item 302 is displayed on the Bettor A computer system 264 remote from the sportsbook betting computer system 202), the sportsbook ticket may be issued electronically as Electronic tickets stored on sportsbook betting computer system 202 and/or Bettor A computer system 264. The electronic sports betting station tickets are related to the bettor through the program code (the code is transmitted to the bettor through the sports betting computer system), the bettor's account or other bettor certificates, and other bettor certificates can be used in the sports betting Verification is made at the time a ticket is redeemed for a winning bet or to execute a payout for a purchased sportsbook ticket putback option.

After wherein Bettor A places a bet on the corresponding sporting event via interface 300 at some time prior to the specified game pause or completion of the indicated time period in which the option may be exercised and after receipt of a ticket from the sportsbook station indicating the initial wager is refused to purchase In an embodiment of a sportsbook issuing a put-back option, Bettor A may (e.g., via a machine-readable symbol such as a barcode or 2-D code symbol, a radio frequency identification or RFID transponder, a near field communication (NFC) chip or Optical Character Recognition or OCR) with a scanner that is part of the Ticket Printing and Retrieval Assembly 316 or located elsewhere (such as on the Bettor A computer system 264) to enable the following Note that the relevant put option is related to the ticketing of the sports betting station. In an embodiment involving an electronic ticket, bettor A may provide the bettor with a code or other credential associated with the electronic ticket or bettor A when issuing the ticket, so that the put option is compatible with the previously issued sportsbook Betting related to station ticket instructions.

4 is a diagram of an exemplary user interface 400 for facilitating bettor A's exercise of a sportsbook wagering ticket put-back option, one or more portions of which may display, according to one depicted embodiment. On the display of the Sportsbook Betting Computer System 202, Payout Computer System 262 or Bettor A Computer System 264. Bettor A may execute a sportsbook bet put option (such as one purchased via interface 300 of FIG. 3 ) via interface 400 of FIG. By).

However, in some embodiments, all or some of the features and components of user interface 400 described herein may be configured for sportsbook employees, cashiers, or agents (in place of or in addition to Bettor A) ) is used, such as to execute a put option purchase on Bettor A's behalf and provide a refund to Bettor A. In other embodiments, neither the sportsbook nor the bettor A needs to use the user interface 400 to execute the sportsbook wagering ticket put-back option. For example, bettor A may approach a sportsbook cashier, request to execute the sportsbook ticket put-back option, hand over the sportsbook ticket to the teller, and the cashier will provide bettor A with a refund in cash. payment amount. If Bettor A elects to exercise the Sportsbook Putback Option, Bettor A may, through any system that the Sportsbook uses prudently, make it known to the Sportsbook that Bettor A has elected to exercise the Sportsbook Putback Option, and Regardless of whether bettor A chooses to exercise the sportsbook call put option electronically or open-ended. For example, bettor A can scan or insert the ticket issued by the sports betting station, or input the information about the ticket issued by the sports betting station into the electronic self-service terminal, approach the sports betting station agent at the counter of the sports betting station or enter the program code, Or use an electronic hand-held device to scan a sportsbook ticket, and more. However, the features and components described herein with respect to bettor A (such as a kiosk, sportsbook agent, and/or handheld device) may use user interfaces 300 and 400, sportsbook wagering system 202, payout Any combination of computer system 262 and/or bettor A computer system to execute sports betting ticket putback option purchases, execute sportsbook ticket putback options, determine sportsbook ticket refund amounts and/or payout refunds payment amount.

The time period in which the sportsbook ticket put option may be exercised may be during all or part of any number of time periods during a sporting event as determined by the sportsbook. For example, a sportsbook sell-back option may be exercised during a single game-specific timeout, multiple game-specific timeouts, or any game-specific timeout. A stoppage of play is defined as the cessation of play for any reason and may include, but is not limited to, the following stoppages of play during each sporting event: halftime, quarter, innings or half-innings of a baseball game, timeout, Between regulation time and overtime period, warning circle for racing, timeout for horse racing, during bouts in sparring bouts, before certain types of play (e.g. field goal, touchdown after touchdown, penalty or free throw), The period preceding certain events that may occur during the course of a game, including but not limited to: player injury, pitcher movement, or goaltender change. In some embodiments, the sportsbook may determine that the sportsbook sell-back option may be exercised from the moment the wager is recorded until completion of either: a portion of the sporting event or the entire sporting event. This is defined as the indicated time period and can be communicated to the bettor when placing a bet. In one embodiment, the sportsbook put put option may be exercised during both continued play and all play suspensions during the indicated time period.

For example, during the halftime period of a sporting event in which punter A has placed a bet and purchased a half-time sports betting station ticket put-back option, bettor A may approach the sports betting station betting computer system 202, access the sports betting station betting computer system A cashier, employee or other agent at 202 or using the Bettor A computer system 264 to exercise the options. Bettors can scan their sports betting tickets at component 324 on the sports betting computer system 202. Information on tickets issued or in tickets issued at sports betting stations. Component 324 can then print vouchers or coupons that bettors can redeem for cash (or in some alternative embodiments, distribute cash). In other embodiments, rather than receiving vouchers or cash, the bettor may receive instructions at or via component 324 on how to obtain a refund. For example, component 324 may print, display, or otherwise transmit instructions on how, when, and where the bettor walks to the cashier, refund machine, etc. to complete the refund process with a ticket . Component 324 may also transmit a refund code or other item used alone or in conjunction with ticketing to enable the bettor to receive a refund or initiate an electronic transaction to debit the bettor's account to provide a refund.

In some embodiments, when the sports betting station is an electronic ticket, the bettor A can provide the program code related to the electronic ticket or bet on the computer system 202 or bet at the sports betting station when issuing the electronic ticket to the bettor. The computer system 264 of player A enters the certificate relevant to player A and/or the electronic ticket issued. User interface item 318 may then be displayed to Bettor A, including a prompt asking Bettor A if he would like to execute the sportsbook put-back option for that sportsbook ticket purchase. User interface item 318 also displays the refund amount (ie, the value of Bettor A's sportsbook put-back option). User interface item 308 of user interface 400 is also configured to display an indication of the type of bet (eg, ABC), an indication of which sporting event to bet on (eg, XYZ game) and the amount wagered (eg, $110).

User interface item 318 also includes controls selectable by the bettor (eg, user selectable icon, dialog box, key, switch, button) to indicate whether the bettor wishes to exercise the sportsbook put put option. For example, the user selects icon or button 320 to indicate that the bettor wants to exercise the option, and selects icon or button 322 to indicate that the bettor does not want to exercise the option. If Bettor A selects the icon or button 320 to indicate that Bettor A would like to exercise the option, then the refund amount will be dispensed, sent or otherwise sent to Bettor A.

As mentioned above, when a sportsbook ticket put option is exercised, the amount of the refund may be determined based on the current probability or odds of whether the bettor will win the bet placed on the sporting event during the specified play pause or indicated time period (i.e. , the value of the sell-back option of bettor A’s sports betting station). The option may also include a minimum guaranteed amount (eg, 20% of the amount wagered or other predetermined minimum amount) returned to the bettor if the bettor chooses to exercise the option. However, in some embodiments, there may not be a guaranteed percentage refund or other guaranteed refund amount. Show the bettor the current calculated refund amount (i.e., sportsbook the value of the call put option). For example, this value may be displayed on a public display at the sportsbook's establishment, displayed on a monitor at the Bettor A interface, printed and provided to the bettor, posted on the sportsbook website and/or via mail, Text messages, faxes, etc. are sent electronically. In some embodiments, Bettor A may approach and/or activate the user interface 400 and scan or otherwise enter the bettor's ticketing or ticketing information to cause the user interface 400 to display the current refund amount (i.e., Bettor A’s sportsbook ticket put-back option value).

The current refund amount (ie, the value of Bettor A's sportsbook sell-back option) may be determined in any manner the sportsbook chooses. Sportsbooks may use historical probability models, coin flips, or any other system or method of their choice. In some circumstances, a sportsbook may choose to outsource the current refund amount to a person or entity deemed to have expertise in this area. Even with outsourcing, sportsbooks retain final authority to determine current refund amounts.

The determined refund amount may be based on a statistical analysis of previous sporting events having characteristics common to the current sporting event for which sportsbook putback options were wagered and purchased, and in some embodiments may be based on inherent game factors. Such inherent game factors may include, but are not limited to, catastrophic player injury, illness, or other full foul that occurs prior to a designated timeout of play or before the completion of the indicated period during which the sportsbook ticket put option may be exercised. In some embodiments, such analyzes may be based on historical data regarding the results of previous sporting events of the same type as the current sporting event at the time of corresponding game pauses or corresponding time intervals in the previous sporting event, and prior sporting event Among them, other corresponding factors correspond to the suspension of the game or the corresponding time interval.

For example, if Bettor A wagers $110 on a Bears vs. Packers (home team) game (the Packers will not win by more than 7 points and the halftime score is 10 for the Bears and 17 for the Packers), the analysis will (based on historical NFL statistics Data) to determine the percentage probability that the home team will score at least 1 point in the second half if they win 7 points in the half. The sportsbook betting computer system 202 or the payout computer system 262 will then use this probability to determine the amount to refund to Bettor A at half time for exercising the sportsbook put put option. The refunded percentage amount can also be further reduced (eg, by a percentage point) as additional charges are made to the bettor, and will thus increase the amount earned by the sportsbook organization (ie, a swip). Using this example, if there is a 75% chance that a home team that wins 7 points at halftime will win at least 1 point in the second half, and the percentage or odds that the sportsbook organization will pay out to the bettor is reduced by (for example) one percentage point, then when bettor A The amount returned to bettor A when the put option is exercised will be (25%-1%)*$210=$50.40. However, in other instances using the same wager amount, based on that probability and an additional percentage charged by the sportsbook organization, if the determined refund amount falls below the guaranteed refund amount (for example, to 20% of the wagered amount % or less), the refund amount will instead be a guaranteed refund amount of 20% of the bet amount ($22).

In some embodiments, the determined amount refunded to the bettor when the sportsbook put option is exercised may also be based on or adjusted based on the current number of sportsbook put options, which Sportsbook call-back options are exercised against specific winning or losing teams during prior game suspensions and/or current specified game suspensions or indicated time periods to enable more sportsbooking stations to be executed for each team in a sporting event Ticket put option. For example, if the current number or dollar value of put-back options exercised on Team A of a sporting event far exceeds that of Team B of a sporting event, the judgment amount refunded for the exercise of a sportsbook ticket put-back option against Team A may be reduced And/or the refund of the judgment amount used to exercise the sportsbook ticket put-back option against Team B may be increased.

FIG. 5 shows a method 500 for electronically processing a request to purchase a sportsbook wagering ticket put option, according to one depicted embodiment. In some embodiments, the bettor may transmit the wagering request to the designated agent of the sportsbook by any means. The agent may then enter the wager into the sportsbook betting computer system 202 .

Method 500 begins at 502 where sportsbook betting computer system 202 shown in FIG. 2 receives a request for a bettor to place a bet on the outcome of an event.

At 504, the sportsbook wagering computer system 202 receives an indication of whether the bettor has elected to purchase an option to be exercised by the bettor during a pause in play or an indicated time period for the bettor to receive compensation for canceling the wager.

At 506, if the received indication indicates that the bettor has chosen to purchase the option, the sportsbook wagering computer system 202 determines the option fee to be charged to the bettor for purchasing the option.

Additionally, in some embodiments, a sports ticket put option may be automatically sold or included as part of placing a bet with a bettor and automatically billed to the bettor without prompting the bettor to indicate whether the bettor wishes to purchase a sports bettor. The bookmaker issues a sell-back option.

FIG. 6 shows a method 600 for electronically determining an amount refunded to a bettor performing a sportsbook previously purchased by the bettor useful in the method of FIG. 5 , according to one depicted embodiment. Bet ticket putback option. For example, the sportsbook wagering computer system 202 may receive a bettor's exercise of a purchased option during a designated game pause during a sporting event, or in some embodiments, at any time from the moment the wager is placed until the end of the sporting event. and in response to the received instruction from the bettor to exercise the purchased option, the sportsbook wagering computer system 202 determines an amount to be refunded to the bettor according to the method 600 . While the method 600 described below includes determining the amount refunded to the bettor based on the probability that the bettor will win the wager placed, the amount refunded to the bettor may be based on anything. For example, the amount returned to the bettor may be based on (including but not limited to:) probabilistic methods, random methods, recommendations from individuals or entities, votes, static variables, and the like. In various embodiments, the amount returned to the bettor may be any percentage of the original wager placed by the bettor, a fixed amount, or any combination thereof.

Method 600 begins at 602, where the sportsbook betting computer system 202 shown in FIG. 2 determines the current probability (eg, a percentage probability) of whether the bettor will win the bet placed during a timeout or indicated period of play.

At 604, the sportsbook betting computer system 202 subtracts a determined amount (eg, a percentage, a flat fee, or a combination thereof) from a number reflecting the current probability (eg, a percentage probability) to obtain a multiplier.

At 606, the sportsbook wagering computer system 202 multiplies the multiplier by the amount that will be paid to the bettor if the bettor wins the bet to obtain the bettor refund amount factor.

At 608, the sportsbook wagering computer system 202 subtracts the determined amount (eg, a percentage, a flat fee, or a combination thereof) from the bettor refund amount factor to determine the amount refunded to the bettor.

The method may further comprise altering the determined amount refunded to the bettor at any time during the sporting event prior to a specified play pause or indicated time period or prior to the end of the event wagered, the change determined amount being wagered by an electronic sportsbook system instructions.

The method may further comprise communicating the changed determined amount to the bettor in response to the changed determined amount.

For example, the method may include transmitting the determined amount to the bettor at any time from a time ranging from the moment the wager is recorded to a timeout during a game pause or indicated period of time during the sporting event. Receiving an instruction from a bettor that he wishes to exercise an option may include receiving an instruction from a bettor that he wishes to exercise a purchased option during a pause in play or an indicated time period during a sporting event.

The method may further comprise transmitting the determined amount to the bettor in response to the bettor receiving an indication that the purchased option is intended to be exercised.

The prepaid and non-refundable cost or fee charged to the bettor for the purchase of the put option and the fees charged at 604 and 608 are determined by the sportsbook. These fees may vary depending on, for example, the individual sporting event, the type of bet wagered, or even change over time (eg, the day of the week on which the bet is placed and/or the day of the week on which the sporting event occurs). At the discretion of the sportsbook, some or all of the fees may be waived as a means of increasing interest among current bettors and attracting new bettors. In addition to waiving fees, sportsbooks can incentivize sportsbooks by offering casino compensation (“comp”), including (but not limited to): free or discounted hotel stays, show tickets, lunches, beverages, gift certificates, etc. Purchase and/or realization of put-back options.

FIG. 7 shows a method 700 for electronically issuing an indication of ticketing associated with a sportsbook wagering ticket put option, according to one depicted embodiment.

The method 700 begins at 702 where the sportsbook betting computer system 202 shown in FIG. 2 receives an indication that a bettor has placed a bet on the outcome of an event.

At 704, the sportsbook wagering computer system 202 receives an indication that the bettor has paid an option fee to purchase an option to be exercised by the bettor during a timeout or indicated period of play, such that the bettor receives compensation for canceling the wager.

At 706, the sportsbook wagering computer system 202 issues tickets to the bettor instructing the bet associated with the option purchased. As mentioned above, sportsbook ticketing may be electronically issued e-tickets (such as by providing the bettor with a code associated with the e-ticket or associating the issued e-ticket with the bettor's account or other bettor's credentials ).

FIG. 8 shows a method 800 for electronically initiating payment to a bettor who is exercising a sportsbook wagering put option previously purchased by the bettor, according to one depicted embodiment.

The method 800 begins at 802 where the sportsbook betting computer system 202 or payout computer system 262 shown in FIG. 2 receives an instruction during a game pause or indicated time period that the bettor exercises an option for the bettor to receive compensation To cancel previous bets placed by the bettor on the outcome of the event.

At 804, the sportsbook wagering computer system 202 or payout computer system 262 determines an amount to be refunded to the bettor in response to the bettor's received instruction to exercise the option.

At 806, the sportsbook betting computer system 202 or payout computer system 262 initiates payout of the amount refunded to the bettor. Refunds to bettors may be in the form of money or credit or anything of value to the bettor (including but not limited to: free or discounted hotel stays, show tickets, lunches, drinks, gift certificates, etc.) (casino compensation (“comps”)).

At 806, the sportsbook wager computer system 202 or payout computer system 262 then cancels the wager. For example, a wager may be deleted from the sportsbook wager computer system 202 or otherwise indicated by the sportsbook wager computer system 202 to be canceled, void, or no longer valid. Put options with multiple exercise options

According to another example of the put option, in conjunction with the bettor/sponsor/user placing a wager amount W to bet/bet on an event and/or following the bettor/sponsor/user placing a wager amount W to bet/bet on an event, Bettors may be offered the opportunity to purchase options to cancel/clear/sell back bets in return/for refund/refund amount/refund payment in return/for refund/refund amount/refund payment /cancel amount/cancel payment R. In conjunction with offering the opportunity to purchase an option, the bettor may also have/be offered a plurality (e.g., two or more) of choices as to when the option may be exercised, or in other words, have/be offered a plurality of choices as to when the option may expire. choose. For example, there may be four choices, although fewer or more choices may also be provided. Thus, a bettor may have the opportunity to purchase an option with a first strike time X1, a second strike time X2, a third strike time X3 and/or a fourth strike time X4, or in other words with X1, X2, X3 and/or X4 options on the expiry time. According to this example, expiration/execution time X4 may follow/after expiration/execution time X3, expiration/execution time X3 may follow/after expiration/execution time X2, and expiration/execution time X2 may follow/ After expiration/execution time X1. According to another aspect of this example, the refund amount R may be the same regardless of which option(s) the bettor may choose to expire/execute. Also, according to this example, each execution time may have an associated price/cost/fee, such as execution time X1 with price P1, execution time X2 with price P2, execution time X3 with price P3, and execution time X4 with price P4. According to this example, one or more of prices P1, P2, P3, and P4 may be different, and in particular each of prices P1, P2, P3, and P4 may be different. According to one example, P1 may be smaller than P2, P2 may be smaller than P3, and P3 may be smaller than P4. In other words, longer expiration times can have larger prices.

Thus, according to this exemplary put option, a bettor may purchase the option to cancel/clear the wager in return for a refund amount R in conjunction with the wager/bet and or subsequent to the wager/bet. In addition, the bettor can choose how much time the bettor wants to spend deciding whether to cancel/clear the wager by exercising the option, for example, until and/or including exercise time X1, until and/or including later exercise Time X2, up to and/or including later execution time X3 or up to and/or including later execution time X4. According to this example, the more time the bettor wants, the more the bettor can pay for the option. Furthermore, each execution time may have the same refund amount R, with the difference that the bettor may pay more for the extra time to make a decision.

As an example, a bettor may wager $100 on a football game such as the Packers vs. the Bears. In conjunction with and or following this bet/wager, the bettor may be offered the possibility to purchase the option to clear/cancel the bet for a refund of 25% of the amount wagered or $25. Additionally, the user can be offered four expiration times, each with a different price: Cost $2.50: Bettors may exercise the option at any time up to and including the end of the first quarter (eg, before the start of the second quarter) for a $25 refund. Cost $5.50: Bettors may exercise the option at any time up to and including the end of the second quarter (eg, before the start of the third quarter) for a $25 refund. Cost $9.00: Bettors may exercise the option at any time up to and including the end of the third quarter (eg, before the start of the fourth quarter) for a $25 refund. Cost $12.50: Bettors may exercise their options at any time up to and including a 2-minute preview in the fourth quarter (eg, after the 2-minute preview before the game starts) for a $25 refund.

Thus, the bettor (if he decides to purchase the option) can select the desired expiration/exercise time for the option. The price of an option may be a price relative to a selected expiration/exercise time. Thereafter, the bettor may choose to exercise the option at any time up to and/or including, for example, a selected expiration/exercise time and receive a refund amount R in return, thereby canceling/clearing the original wager. If the expiration time has passed and the bettor has not exercised the option, the option expires, the bettor's bet may still stand/not be cancelled, and the bettor wins or loses the bet based on the outcome of the event on which the bet was placed.

Those skilled in the art will appreciate that, in connection with and or subsequent to a bettor's bet/bet, the bettor may be offered the possibility to purchase any one or more of a plurality of options to clear/cancel the bet Bettors, not bettors, are offered the possibility to purchase an option and the bettor may choose from options with multiple exercise times. Here, each option may have the same refund amount R, but each option has progressively longer exercise times, and each option has progressively larger prices. Using the above example again, when a bettor may bet $100 on a football game (such as the Packers vs. the Bears), the bettor may be offered the possibility to purchase any one or more of four options to clear/cancel the bet To get a refund of 25% of the amount wagered or $25: Option 1: Cost $2.50 - Bettors may exercise the option at any time up to and may include the end of the first quarter (eg, before the start of the second quarter) for a $25 refund. Option 2: Cost $5.50 - Bettor may exercise the option at any time up to and may include the end of the second quarter (eg, before the start of the third quarter) for a $25 refund. Option 3: Cost $9.00 - Bettor may exercise the option at any time up to and including the end of the third quarter (eg, before the start of the fourth quarter) for a $25 refund. Option 4: Cost $12.50 - Bettor may exercise option at any time up to and may include a 2 minute forecast in the fourth quarter (eg, after the 2 minute forecast before the game starts) for a $25 refund.

Those skilled in the art will appreciate that the above characteristics of this exemplary option are examples only and other variations are possible, including the use of options for sports other than football and events other than sports.

Turning to other exemplary aspects of this exemplary put option, the refund/cancellation amount R provided to the bettor (and subsequently received upon exercise of the option) may be selected in connection with each exercise/expiration time of a given option. for the predetermined amount. In other words, when a bettor is offered to purchase an option/when the bettor desires to purchase an option, a refund amount associated with each of the exercise/expiration time selections can be determined and the refund amount can be communicated to the bettor such that if the bettor A bettor who will purchase an option with a selected exercise time and then decides to exercise the option may know the refund amount he/she will receive. The refund amount may be a guaranteed amount. In other words, the refund amount may make the bettor known that if the bettor purchases the option and then decides to exercise the option, the bettor is guaranteed to receive the refund amount (e.g., exactly the awarded refund amount or at least the minimum awarded refund amount amount).

The refund/cancellation amount R provided in connection with each exercise/expiration time option for a given option can be determined in various ways. For example, the refund amount R may be a set/constant amount regardless of the wager (e.g. regardless of the wager amount, regardless of the amount/potential amount the bettor may win associated with the option bet (i.e., winnings) ,etc). For example, the refund amount associated with each of the exercise times of the offered options may be the same amount, and this amount may be the same for all bettors. For example, a sportsbook can set a refund amount. As another and/or additional example, the refund amount may vary depending on when the bettor purchased the option. For example, assuming the option can be purchased up to a certain set time (which could be a certain time before and/or including the start of the event, a set time while the event is in progress, etc.), Set the time to change when buying options. For example, assuming that the option can be purchased until one minute before the start of the betting event (set time), if the option is purchased at any time until the day before the set time, the refund amount can be the first amount, and if the option is purchased until the set time If the option is purchased at any time after the set time, the refund amount may be a second amount. The refund amount may decrease as it gets closer to the setup time of the purchased option. Alternatively, the refund amount may increase as it gets closer to the set time of the purchased option. The refund amount may change at a preset time (which may or may not be known to the bettor) as a set time approaches (eg, a week ago, a day ago, twelve hours ago, an hour ago, etc.). As another and/or additional example, for a given sporting event (e.g., soccer), the refund amount may be the same for all games on a given day, or one or more games played on that day This can vary within games (eg, each bettor who bet on Event A and exercised the associated option could receive a refund amount R1, and each bettor who wagered on Event B and exercised the associated option could receive a different refund amount R2). As another and/or additional example, refund amounts can be the same across different sporting events (eg, football and baseball), and/or can be different across one or more different sporting events. Other variations are possible.

According to another and/or additional example, the refund amount R may be determined as a function of the wager amount W associated with the option. For example, the refund amount may be a predetermined percentage of the bet amount W. For example, a sportsbook can set a percentage. For example, if a bettor wagers $100 on an event and the predetermined percentage is 25%, the bettor may receive $25 ($100 x 25%) when the option is exercised, regardless of the time of execution of the bettor's choice (i.e., The refund amount associated with each exercise time of an option offered to the bettor may be $25). The predetermined percentage may vary depending on when the option was purchased. For example, assuming options can be purchased until a certain set time, the percentage can vary depending on when the option is purchased relative to that set time. For example, assuming the option can be purchased until one minute before the start of the event being wagered on, the percentage can be the first amount if the option is purchased at any time up to a day before that set time, and if purchased at any time up to Time to purchase the option, the percentage may be the second amount. The percentage may decrease as it gets closer to the set time. Alternatively, the percentage may increase as the setup time is approached. The percentage may change at a preset time (which may or may not be known to the bettor) as a set time approaches (eg, a week ago, a day ago, twelve hours ago, an hour ago, etc.). As another and/or additional example, the percentage may vary depending on the size of the wager W. For example, the percentage could decrease with larger bet amounts. Alternatively, the percentage may increase with larger bet amounts. As an example, wager amounts may be categorized into ranges, with a percentage associated with each range. As another and/or additional example, the percentage may vary based on the payout/potential estimated payout that the bettor may win on the option-related bet. For example, the percentage may decrease with larger payouts. Alternatively, the percentage may increase with larger payouts. As an example, payouts may be categorized into ranges with a percentage associated with each range. As another and/or additional example, for a given sporting event (e.g., soccer), the percentage may be the same for all games on a given day, or within one or more games played on that day Can be different. As another and/or additional example, the percentages may be the same within different sporting events (eg, ie, football and baseball), and/or may be different within one or more different sporting events. Other variations are possible.

As another and/or other example of the refund amount R being determined as a function of the wager amount W, the wager amount may be divided into ranges, where each range has an associated refund amount. For example, refund amounts may generally decrease with larger wagers. Alternatively, the refund amount may generally increase with larger wagers. As another and/or additional example, the refund amount for one or more of these ranges may vary depending on when the option was purchased. For example, assuming options can be purchased up to a certain set time, the refund amount for one or more of these ranges may vary depending on when the option was purchased relative to that set time. In general, the refund amount within these ranges can decrease as the option purchase approach is approached. Alternatively, the refund amount within these ranges may increase as the time to buy the option is approached. The amount of refund within these ranges may change at a preset time (which may or may not be known to the bettor) as the set time approaches (e.g., a week ago, a day ago, twelve hours ago, an hour ago, etc.). Change. As another and/or additional example, for a given sporting event (e.g., soccer), the ranges and/or refund amounts within these ranges may be the same for all games on a given day The amount may vary within one or more games played on that day. As another and/or additional example, these ranges and/or the refund amounts within these ranges may be the same across different sporting events (e.g., football and baseball), and/or within one or more different sports It may vary within the event. Other variations are possible.

Refund amounts may be determined as a function of wager amounts in other ways than those discussed herein. As another and/or additional example, put options may not necessarily be available to bettors for bet amounts of a specified size/amount or greater. As another example, put-back options are not necessarily available to bettors unless the bet amount has a minimum size/amount. For example, a sportsbook may specify a bet amount for options to be available/disabled. As yet another and/or additional example, the wager amount used to determine the refund amount may have a maximum amount. In other words, when the bettor bets more than the specified maximum amount, the bet amount used to determine the refund amount may be set to the maximum amount. For example, assuming that the refund amount can be a predetermined percentage (i.e., 25%) of the bet amount W and the maximum amount is $100, if the bettor bets $110, the refund amount can be set to be 25% of the maximum amount of $100. % (i.e., $25) instead of 25% of $110. For example, a sportsbook may specify a maximum amount. Other variations are possible.

According to another and/or additional example, the refund amount may be determined as a function of the payout/potential estimated payout that the bettor may win on the option-related wager. For example, the refund amount may be a predetermined percentage of winnings/potential winnings. For example, a sportsbook can set a percentage. For example, if a bettor is likely to win a $100 bet and the predetermined percentage is 25%, the bettor may receive $25 ($100 x 25%) when the option is exercised, regardless of when the bettor chooses to exercise (i.e., with The amount of refund associated with each execution time offered to bettors may be $25). As similarly discussed above, the predetermined percentage may vary depending on when the option was purchased. For example, the percentage could decrease as it gets closer to the setup time of the purchased option. Alternatively, the percentage may increase as the option is purchased closer to the setup time. The percentage may change at a preset time (which may or may not be known to the bettor) as a set time approaches (eg, a week ago, a day ago, twelve hours ago, an hour ago, etc.). As another and/or additional example, the percentage may vary depending on the size of the winnings/potential winnings. For example, the percentage may decrease as the winnings/potential winnings get larger. Alternatively, the percentage may increase with larger winnings/potential winnings. As an example, winnings/potential winnings may be categorized into multiple ranges with a percentage associated with each range. As another and/or additional example, the percentage may vary according to the amount wagered. For example, the percentage could decrease with larger bet amounts. Alternatively, the percentage may increase with larger bet amounts. As an example, wager amounts may be categorized into ranges, with a percentage associated with each range. As another and/or additional example, for a given sporting event (e.g., soccer), the percentage may be the same for all games on a given day, or within one or more games played on that day Can be different. As another and/or additional example, the percentages may be the same within different sporting events (eg, ie, football and baseball), and/or may be different within one or more different sporting events. Other variations are possible.

As another and/or other example of a refund amount R being determined as a function of the winnings/potential winnings, the winnings/potential winnings may be divided into ranges, each of which has an associated refund amount. For example, refund amounts may generally decrease with larger winnings/potential winnings. Alternatively, the refund amount may generally increase with larger winnings/potential winnings. As another and/or additional example, the refund amount for one or more of these ranges may vary depending on when the option was purchased. For example, the refund amount within these ranges may decrease as it gets closer to the setup time of the purchased option. Alternatively, the refund amount within these ranges may increase closer to the setup time of the purchased option. The amount of refund within these ranges may change at a preset time (which may or may not be known to the bettor) as the set time approaches (e.g., a week ago, a day ago, twelve hours ago, an hour ago, etc.). Change. As another and/or additional example, for a given sporting event (e.g., soccer), the ranges and/or refund amounts within these ranges may be the same for all games on a given day The amount may vary within one or more games played on that day. As another and/or additional example, these ranges and/or the refund amounts within these ranges may be the same across different sporting events (e.g., football and baseball), and/or within one or more different sports It may vary within the event. Other variations are possible.

Refund amounts may be determined as a function of winnings/potential winnings in other ways than those discussed herein. As another and/or additional example, a put option may not necessarily be available to a bettor for winnings/potential winnings of a specified size or greater. For example, a sportsbook may specify the winnings/potential winnings that are/are not available for options. As yet another and/or additional example, a winning/potential winning used to determine a refund amount may have a maximum amount. In other words, when the winnings/potential winnings are greater than the specified maximum amount, the winnings/potential winnings used to determine the refund amount can be set to the maximum amount. For example, a sportsbook may specify a maximum amount. Other variations are possible.

Turning to other exemplary aspects of this exemplary put option, the price associated with each exercise time may be a set/constant amount regardless of the bet/wager amount and/or irrespective of the winnings/ Potential estimated winnings. Therefore, every bettor is offered the same price. For example, a sportsbook can set prices. According to another and/or additional example, one or more of the prices may be determined as a function of the wager amount W associated with the option. As yet another and/or additional example, the bet amount used to determine the price may have a maximum amount. In other words, when a bettor bets an amount greater than a specified maximum amount, the bet amount used to determine the price may be set to the maximum amount. According to another and/or additional example, one or more of the prices may be determined as a function of the payout/potential estimated payout that the bettor is likely to win on the option-related wager. As yet another and/or additional example, the winnings/potential winnings used to determine the price may have a maximum amount. In other words, when the winnings/potential winnings are greater than the specified maximum amount, the winnings/potential winnings used to determine the price can be set to the maximum amount. As yet another and/or additional example, one or more of the prices may vary depending on when the bettor purchased the option. For example, one or more of the prices may decrease as the time to buy the option approaches. Alternatively, one or more of the prices may increase as the time to buy the option is approached. As another and/or additional example, for a given sporting event (e.g., football), one or more of the prices may be the same amount for each game on a given day, or It may be different within one or more matches played within. As another and/or additional example, one or more of the prices may be the same within different sporting events (eg, ie, football and baseball), and/or may be different within one or more different sporting events. Other variations are possible.

Turning to other exemplary aspects of this exemplary put option, the exercise/expiration time options that may be offered to a bettor in conjunction with a given option can be defined in various ways. For example, one or more of the exercise times associated with a given option may be: One or more specified times of the day, such as 12:00 noon, 1:00 pm, etc.; One or more specified times during the sporting event, such as 15 minutes during the event, 30 minutes during the event, etc.; One or more specified times during a game, such as the end of one or more quarters in football, the end of one or more innings or half innings in baseball, one or more times in progress (including timeouts) in hockey, the conclusion of one or more rounds in boxing, one or more furlongs in horse racing, one or more laps completed by the lead car (for example, in racing), etc.; and/or One or more occurrences of a specific event within a sporting event, such as the occurrence of the first field goal, the occurrence of the nth field goal, the occurrence of the team scoring, the occurrence of the first team scoring z, etc.

Those skilled in the art will appreciate that other variations in execution/expiration times are possible, including any of the variations described above. For example, one or more of the exercise/expiration times provided in connection with an option could be a specific time of day and the other could be a specified time during an event, such as the end of a period in a football game. As another example, one or more of the exercise/expiration times provided in connection with the options may be prior to the start of the event and/or during the event.

According to other exemplary aspects of this exemplary put option, options may be provided to the bettor in conjunction with and/or subsequent to the bettor's bet/bet on the event. In either instance, the bettor may be required to purchase the option when offered, or may be given the opportunity to purchase the option at a later time. According to one example, there may be a setup time at which options can no longer be purchased. As discussed herein, for example, options may be purchased up to and/or including a certain time when an event begins, a certain set time while an event is in progress, etc. Options may be purchased up to a time prior to the first exercise/expiration time offered in conjunction with the option. For example, referring to the exemplary options provided herein in connection with the Packers vs. the Bears, the option may be purchased until some time before the end of the first quarter, or in other words until some time before the exercise/expiration time at a cost of $2.50 time.

According to another and/or additional example, the number of exercise/expiration time options offered to the bettor may vary depending on when the bettor is offered to purchase the option and/or when the bettor decides to purchase the option. For example, referring again to the exemplary options offered in connection with the Packers vs. the Bears discussed herein, when a bettor places a bet on the game, the bettor may be offered the possibility to purchase the option and select any of four strike/expiry times sex. Assuming the bettor refuses to buy the option at the time, but then later decides that he/she will want to buy the option, one, both, or three of the exercise/expiration time choices may no longer be available. For example, the bettor may no longer have the opportunity to select the execution/expiration time at a cost of $2.50. This can happen, for example, when the end of the first quarter is too close to the time the bettor decides to buy the option and/or when the first quarter has ended by the time the bettor decides to buy the option. As another example, assuming a first bettor places a bet on a game at one time and a second bettor places a bet on a match at a later time at a second time, the second bettor may be offered a run/expiration time less than that of the first bettor. choose. For example, a first bettor may be offered all four choices, while a second bettor may be offered three, two, or only one of the choices. This can occur, for example, when a first bettor fully wagers before the start of the game and a second bettor wagers after the start of the game (such as near and/or after the first period of the game). Other variations are possible.

According to other exemplary aspects of this exemplary put option, once the bettor selects an exercise/expiration time and purchases the option, there may be a specified time (e.g., a discrete time) during the time period preceding the selected exercise time when the bettor may exercise the option. ). For example, bettors may be allowed to exercise options only between games (ie, when action is stopped during a game). Alternatively, the bettor may be allowed to exercise the option at any time during the period preceding the selected exercise time. Other variations are possible. As another example, among the choices offered for exercise/expiration times offered to bettors for a given option, one or more of the exercise/expiration times may have different criteria as to how and/or when the option may be exercised .

According to other exemplary aspects of this exemplary put option, a bettor may place a wager and pay the wager amount W in cash, using an established account, points (such as casino compensation points), credit, and the like. Similarly, bettors may purchase options for cash, using established accounts, points (such as casino compensation points), credits, and the like. Similarly, the refund amount R may be paid to the bettor in cash, account credit, points (such as casino compensation points), credit, and the like. According to one example, a user may wager in different formats, buy options and receive a refund; wager with cash, buy options with credit, and receive refunds in casino compensation points. According to another example, if wagers and/or options are purchased in one form, the refund amount R may need to be paid in the same form. Other variations are possible.

According to another example of this put option as applied to e.g. football (but could be applied to other sports and/or events as well) betting/betting in conjunction with the following bet amount W betting/betting and/or subsequent betting amount W betting/betting The bettor may then be offered the possibility to purchase an option to clear/cancel the wager for a refund amount R which may be a defined percentage of the wager amount W. The defined percentage may be a value between 20% and 30%, such as 25%. Additionally, bettors may be offered up to four and/or possibly more (or fewer) execution/expiry times, each with a different price: Cost $A: The bettor may exercise the option at any time up to and including the end of the first quarter (eg, before the start of the second quarter) for a $25 refund. Cost $B: The bettor may exercise the option at any time up to and including the end of the second quarter (eg, before the start of the third quarter) for a $25 refund. Cost $C: Bettors may exercise the option at any time up to and including the end of the third quarter (eg, before the start of the fourth quarter) for a refund of $25. Cost $D: Bettors may exercise options at any time up to and including a 2-minute forecast in the fourth quarter (eg, after the 2-minute forecast before the game starts) for a $25 refund.

Cost A may be a cost between $2.40 and $2.60, such as $2.50, cost B may be a cost between $5.40 and $5.60, such as $5.50, cost C may be a cost between $8.90 and $9.10, Such as $9.00, and cost D may be a cost between $12.40 and $12.60, such as $12.50. Other variations are possible. Other costs and percentages may be used.

Each of placing bets and/or related put options pursuant to this example may be made through the use of one or more computing systems, through the use of (such as of a sportsbook) one or more employees/agents, or any combination thereof (such as (as discussed herein for other exemplary put options) are offered to, purchased by, and/or exercised by bettors. For example, each of the wagering and/or related put options may be provided to the bettor, the bettor through the use of the systems 100 and/or 200 and/or one or more employees/agents (e.g., of a sportsbook) Purchase and/or Execution. For example, each of placing wagers and/or related put options in accordance with this example may be entirely electronic, entirely through the use of (e.g. of a sportsbook) one or more employees/agents (such as direct deals) or some other Combinations are provided to, purchased and/or executed by bettors. Similarly, each of placing wagers and/or related put options in accordance with this example can be done electronically, such as through use of systems 100 and/or 200, using one or more employees/agents of (e.g., sportsbooks) or any combination thereof.

Those skilled in the art will appreciate that the above characteristics of this exemplary option are examples only and other variations are possible, including the use of sports and events other than sports.

Referring now to FIG. 9, an exemplary method 900 for offering, purchasing and exercising options is shown. At step 902, a request to bet on an event may be received from a user. At step 904, an option may be offered for the user to purchase to cancel the wager in exchange for a refund amount. Providing an option may include providing at least a first exercise time and a second exercise time for selection by the user, the first exercise time having a first fee associated therewith and the second exercise time having a second fee associated therewith. The price of an option may be based on a fee associated with the execution time selected by the user. The selection of the first execution time may allow the user to cancel the bet at least before the first execution time in exchange for a refund amount, and the selection of the second execution time may allow the user to cancel the bet at least before the second execution time in exchange for a refund payment amount. The refund amount associated with each of the first execution time and the second execution time may be the same amount. At step 906, an instruction from a user to purchase an option may be received. After purchase, a selection of the first execution time and/or the second execution time may also be received by the user. At step 908, an indication that the user has paid for the option may be recorded (such as in and/or on a memory device, paper, etc.), the price of the option being based on, for example, relative to an exercise time selected by the user the cost. At step 910, an instruction from a user to exercise an option can be received. A determination may then be made as to when the indication was received compared to execution time (step 912). If the indication is received at least before the selected execution time, then at step 914, the wager may be canceled in exchange for a refund amount. In the alternative, if the instruction is received after the selected execution time, for example at step 916, the option may expire, the user's wager may still exist and/or not be cancelled, and the user may wager based on the The outcome wins or loses the bet. As another alternative, the selected expiration time may have elapsed and the user has not exercised the option/received no instruction from the user to exercise the option. Additionally, at step 916, the option may expire, the user's wager may still exist/not necessarily be cancelled, and the user may win or lose the wager based on the outcome of the betting event.

Referring now to FIG. 10, another exemplary method 1000 for offering, purchasing and exercising options is shown. At step 1002, a request to bet on an event may be received from a user. In step 1004, a plurality of options may be provided for the user to purchase to cancel the bet in exchange for a refund amount, and the plurality of options include at least a first option and a second option. A first option can be associated with a first exercise time and a first price, and a second exercise option can be associated with a second exercise time and a second price. The selection of the first option may allow the user to cancel the wager at least before the first execution time in exchange for the first refund amount, and the selection of the second option may allow the user to cancel the wager at least before the second execution time in exchange for the refund payment amount. The refund amount associated with each of the first option and the second option may be the same amount. In step 1006, an instruction from the user to purchase at least one of the first option and the second option may be received. At step 1008, an instruction from the user to exercise the purchased option may be received. A determination can then be made as to when the indication was received compared to the exercise time associated with the purchased option (step 1010). If the instruction is received at least prior to the exercise time associated with the purchased option, then at step 1012, the wager may be canceled in exchange for a refund amount. In the alternative, if the indication is received after the exercise time associated with the purchased option, then, for example at step 1014, the option may expire, the user's wager may remain and/or not be cancelled, and the user may, based on Betting on the outcome of an event to win or lose a bet. As another alternative, the exercise time associated with the purchased option may have elapsed and the user has not exercised/received an instruction to exercise the purchased option. Additionally, at step 1014, the option may expire, the user's wager may still exist/not be cancelled, and the user may win or lose the wager based on the outcome of the betting event. Put options with multiple exercise times

According to another example of the put option, in conjunction with the bettor/sponsor/user placing a wager amount W to bet/bet on an event and/or following the bettor/sponsor/user placing a wager amount W to bet/bet on an event, Bettors may be offered the opportunity to purchase options at a price P to cancel/clear/sell back wagers in return for a refund amount/refund payment/cancellation amount/cancellation payment R. According to this example, the option may have multiple (eg, two or more) exercise/expiration times associated with it. For example, there may be four execution/expiration times (although fewer or more execution times may be used), such as: first execution time X1, second execution time X2, third execution time X3, and fourth execution time X4 , or in other words, the option has four exercise times X1, X2, X3 and X4. According to this example, execution/expiration time X4 may follow/after execution/expiration time X3, execution/expiration time X3 may follow/after execution/expiration time X2, and execution/expiration time X2 may follow/ After execution/expiration time X1, but other variations are possible. Thus, if a bettor purchases an option, the bettor may exercise the option/cancel the bet according to any one of execution times X1, X2, X3 and/or X4. According to the aspect of this example, the price P of the option can be the same regardless of which exercise/expiry time the bettor can finally choose to exercise the option. According to another aspect of this exemplary option, each exercise time may have a refund amount associated with it, such as exercise time X1 has a refund amount R1, exercise time X2 has a refund amount R2, and exercise time X3 has a refund amount R3, and execution time X4 has refund amount R4. According to this example, one or more of the refund amounts R1, R2, R3, and R4 may be different, and in particular, each of the refund amounts R1, R2, R3, and R4 may be different. According to one example, R1 may be greater than R2, R2 may be greater than R3, and R3 may be greater than R4. In other words, longer expiration times may have smaller refund amounts. However, other variations are possible, including R1 being smaller than R2, R2 being smaller than R3, and R3 being smaller than R4. Thus, according to this exemplary option, given an event wagered on for a certain duration, for example, the amount of refund a bettor receives for exercising the option is based on, for example, when the option is exercised while the event is in progress, or in other words, when How much time is left in the event when the option is exercised.

Thus, according to this exemplary put option, a bettor may purchase an option at a price P in connection with and/or following a bet/bet to cancel/clear the bet. When options are offered, relevant tables such as exercise/expiration times (such as exercise/expiration times X1, X2, X3 and X4 associated with options (where eg X1<X2<X3<X4)) may also be provided for wagering By. For each execution/expiration time, the bettor may also be offered the relevant refund amount, such as R1, R2, R3 and R4. Thus, assuming the bettor purchases the option at price P, the bettor may then choose to do any one (or more) of the following: Exercising the option at some time up to and/or including the execution time X1 (thereby canceling/clearing/selling back the bet) and receiving a refund amount R1 in return; Exercising the option at some time after X1 and/or X1 up to and/or including the execution time X2 (thereby canceling/clearing/selling back the bet) and receiving a refund amount R2 in return; Exercising the option at some time after X2 and/or X2 and up to and/or including the execution time X3 (thereby canceling/clearing/selling back the bet) and receiving a refund amount R3 in return; Exercising the option at some time after X3 and/or X3 and up to and/or including the execution time X4 (thereby canceling/clearing/selling back the bet) and receiving a refund amount R4 in return; or The option is not exercised so that the bet remains and the bet is won or lost based on the outcome of the event being wagered on.

Those skilled in the art will appreciate that the above characteristics of this exemplary option are examples only and other variations are possible, including the use of sports and events other than sports.

As an example, a bettor may wager $100 on a football game such as the Packers vs. the Bears. In conjunction with and or following this bet/bet, the bettor may be offered the possibility to purchase an option at a price such as $10 to clear/cancel the bet. Options can also have four exercise/expiration times, each with a different refund amount: Execution Time 1: Bettors may exercise their options at any time up to and including the end of the first quarter (eg, before the start of the second quarter) for a $25 refund. Execution Time 2: Bettors may exercise their options at and/or after the end of the first period and any time up to and including the end of the second period (eg, before the start of the third period) for a $20 refund. Execution Time 3: Bettors may exercise their options at and/or after the end of the second quarter and any time up to and including the end of the third quarter (eg, before the start of the fourth quarter) for a $15 refund. Execution Time 4: Bettors may exercise options at any time after and/or after the end of the third quarter and up to and may include a 2-minute notice in the fourth quarter (for example, after the 2-minute notice before the start of the game) to obtain $10 refund.

Turning to other exemplary aspects of this exemplary put option, the refund amount/cancellation amount R that can be offered to the bettor for each exercise/expiration time of a given option and that can then be received upon exercise of the option can be predetermined amount. In other words, when a bettor is offered to purchase an option and/or when the bettor desires to purchase an option, the refund amount can be determined and communicated to the bettor such that if the bettor will purchase the option and subsequently decides to exercise the option, then A bettor may know the refund amount he/she will receive based on when the option is exercised. The refund amount may be a guaranteed amount.

As similarly discussed herein, one or more of the refund amounts for each of the relevant exercise times for a given option may be a set/constant amount, which may be a function of the wagered amount W (e.g., each refund The amount can be a set percentage of the bet amount W), can be a function of the winnings/potential winnings wagered, can vary depending on when options are purchased, and may or may not necessarily be in the same and/or different types of games, etc. / in-game changes, or any combination thereof. Additionally, if the refund amount is a function of the wager amount and/or winnings, then the maximum amount may be used as similarly discussed herein. Also as discussed herein, put-back options according to this example are not available to bettors if the wager and/or payout is too large and/or unless the wager and/or payout has a minimum size. Other variations are possible.

As similarly discussed herein, the price associated with this exemplary put option may be a set/constant amount regardless of the bet/bet amount and/or irrespective of the bettor's possible winnings/potential estimated winnings gold. Therefore, every bettor is offered the same price. For example, a sportsbook can set prices. According to another and/or additional example, the price can be determined as a function of the wager amount W of the option-related wager and/or the bettor's possible win/potential estimated payout for the option-related wager function. Also, if the price is a function of wager amounts and/or payouts, maximum amounts may be used as similarly discussed herein. As another and/or additional example, the price may vary depending on when the bettor purchases the option, may or may not necessarily vary across the same and/or different types of games/events, etc., or any combination thereof. Other variations are possible.

As similarly discussed herein, the exercise/expiration time for a given option according to this example can be defined in various ways, including defining one or more exercise times differently. For example, one or more of the exercise/expiration times associated with an option may be a specific time of day and the other may be a specified time during an event, such as the end of a period in a football game. As another example, one or more of the exercise/expiration time may be prior to the start of the event and/or during the event associated with the option. Other variations are possible.

According to other exemplary aspects of this exemplary put option, options may be provided to the bettor in conjunction with and/or subsequent to the bettor's bet/bet on the event. In either instance, the bettor may be required to purchase the option when offered, or may be given the opportunity to purchase the option at a later time. According to one example, there may be a setup time at which options can no longer be purchased. As discussed herein, for example, options may be purchased up to and/or including a certain time when an event begins, a certain set time while an event is in progress, etc. Options may be purchased up to a time prior to the first exercise/expiration time offered in conjunction with the option. Other variations are possible.

According to another and/or additional example, the number of exercise/expiration times associated with an option may change/varie depending on when the bettor is offered to purchase the option and/or when the bettor decides to purchase the option. For example, referring again to the exemplary options provided in connection with the Packers vs. the Bears discussed herein, when a bettor wagers on a game, the bettor may be offered the possibility to purchase the option and four exercise/expiration times. Assuming the bettor refuses to buy the option at the time, but then subsequently decides that he/she will likely buy the option, one, both, or three of the exercise/expiration times may no longer be relevant to the option. For example, an option may no longer contain "Exercise Option 1". This can happen, for example, when the end of the first quarter is too close to the time the bettor decides to buy the option and/or when the first quarter has ended by the time the bettor decides to buy the option. As another example, assuming a first bettor places a bet on a game at one time and a second bettor places a bet on a match at a later time at a second time, the second bettor may be offered a run/expiration time less than that of the first bettor. options. For example, a first bettor may be offered options with all four exercise/expiration times, while a second bettor may be offered options with three, two, or only one of the exercise/expiration times. This can occur, for example, when a first bettor fully wagers before the start of the game and a second bettor wagers after the start of the game (such as near and/or after the first period of the game). Other variations are possible.

According to other exemplary aspects of this exemplary put option, once the bettor has purchased the option, there may be specified times (eg, discrete times) during the period preceding each exercise time when the bettor may exercise the option. For example, bettors may be allowed to exercise options only between games (ie, when action is stopped during a game). Alternatively, the bettor may be allowed to exercise the option at any time during the period preceding the exercise time. Other variations are possible. As another example, one or more of the exercise/expiration times associated with an option may have different criteria as to how and/or when a bettor may exercise the option.

Each of placing bets and/or related put options pursuant to this example may be made through the use of one or more computing systems, through the use of (such as of a sportsbook) one or more employees/agents, or any combination thereof (such as (as discussed herein for other exemplary put options) are offered to, purchased by, and/or exercised by bettors. For example, each of the wagering and/or related put options may be provided to the bettor, the bettor through the use of the systems 100 and/or 200 and/or one or more employees/agents (e.g., of a sportsbook) Purchase and/or Execution. For example, each of placing wagers and/or related put options in accordance with this example may be entirely electronic, entirely through the use of (e.g. of a sportsbook) one or more employees/agents (such as direct deals) or some other Combinations are provided to, purchased and/or executed by bettors. Similarly, each of placing wagers and/or related put options in accordance with this example can be done electronically, such as through use of systems 100 and/or 200, using one or more employees/agents of (e.g., sportsbooks) or any combination thereof.

Referring now to FIG. 11 , an exemplary method 1100 for offering, purchasing and exercising options is shown. At step 1102, a request to bet on an event may be received from a user. At step 1104, an option may be offered for the user to purchase at a price to cancel the wager. An option may include multiple exercise times, including at least a first exercise time and a second exercise time. A first execution time may have a first refund amount associated therewith, and a second execution time may have a second refund amount associated therewith. The second execution time may follow the first execution time. The option may allow the user to cancel the wager before and/or the first exercise time in exchange for the first refund amount, and/or at the first exercise time and/or after the first exercise time and at the second The wager is canceled before the execution time and/or at the second execution time in exchange for a second refund amount. At step 1106, an instruction from a user to purchase an option may be received. At step 1108, an instruction from the user to exercise the option may be received. A determination can then be made as to when the indication was received compared to the exercise time associated with the option (step 1110). If the indication is received before and/or the first exercise time associated with the option, at step 1112, the wager may be canceled in exchange for the first refund amount. If the instruction is received at and/or after the first exercise time and before and/or at the second exercise time associated with the option, at step 1114, the wager may be canceled in exchange for the second exercise time. refund amount. In the alternative, if the instruction is received after the second exercise time associated with the option and/or after the second exercise time, then at step 1116 the option may expire and the user's wager may still exist/not be cancelled, And the user can win or lose the bet based on the outcome of the betting event. As another alternative, all exercise time associated with the option may have elapsed without the user exercising/receiving an instruction to exercise the option. Additionally, at step 1116, the option may expire, the user's wager may still exist/not be cancelled, and the user may win or lose the wager based on the outcome of the betting event. option restrictions

According to another exemplary aspect of any put option discussed herein, for example, if the bettor purchases the option and subsequently decides to exercise the option, the bettor may be required to use all or at least a defined portion of the refund amount (which may be determined by Such as a sportsbook setting) to place another bet or bets. According to one example, the bettor is not necessarily allowed to combine the refund amount with the bettor's additional funds (eg, cash, credits, etc.) when placing a new bet. According to another and/or additional example, the bettor may be allowed to combine the refund amount with the bettor's additional funds (eg, cash, credits, etc.) when placing a new wager. Bettors may be notified of restrictions when they are offered the opportunity to purchase options and/or when the bettor purchases options.

According to one example, when a bettor exercises an option, the bettor may need to immediately use the refund amount (or a defined portion thereof) to place one or more new wagers. For example, if options as discussed herein are exercised electronically, bettors may be provided with an interface to place new wagers. If the option is exercised by an employee/agent (eg at a sportsbook), the employee/agent may request the bettor to place another bet.

According to another and/or additional example, when a bettor exercises an option, the bettor may not immediately need to use the refund amount (or a defined portion thereof) to place one or more new wagers. Instead, the bettor may be given an unlimited amount of time to use the refunded amount (or a defined portion thereof) to place new wagers. As another and/or additional example, a bettor may be given a certain time limit to use the refund amount (or a defined portion thereof) to place new bets. If the bettor does not place a new bet by that time, the bettor may be refunded for a forfeit/loss refund. As another example, a bettor may be given no new wagers using the refund amount (or a defined portion thereof) until a certain event. If the bettor does not place a new bet before the event, the bettor may be fined/losed and refunded. For example, if a bettor exercises an option during halftime of a football game, the bettor can place a new bet before the game is over. Other races are available.

As another example, a bettor may be given a cutoff time/event schedule for using the refund amount. For example, assuming the bettor may need to use the full refund amount to place a new bet, the bettor may have the full refund amount available for the new bet until time T1. After T1, the bettor may lose a defined percentage/part of the refund amount and must use the remaining refund amount until a later time T2. After T2, the bettor may lose another defined percentage/part of the refund amount and must use the remaining refund amount until a later time T3, etc. As an example, the bettor may only lose a portion of the refund amount at each time/event transition if the bettor does not wager a defined portion before each time/event transition occurs. According to another example, the bettor may lose a portion of the refund amount each time it occurs, regardless of whether the bettor wagers today. Other variations are possible. As an example, assuming the bettor has a $10 refund and loses 25% of the refund at each of T1, T2, etc., the bettor may have $10 for a new wager until time T1 . If the bettor has not placed a new bet before time T1, then between time T1 and T2, the bettor now has $7.50 to place a new bet, and so on.

As another and/or additional example, once a bettor decides to place a new bet using the refund amount, the bettor may need to wager/use the entire refund amount on one or more wagers at that time. As another and/or additional example, once the bettor decides to place a new bet using the refund amount, the bettor may need to Bet/use the full refund amount on one or more bets at the time. As another and/or additional example, bettors may be allowed to place bets using the refund amount at any time prior to the set time/defined event.

According to another exemplary aspect of any put option discussed herein, the bettor may only be able to exercise the purchased option if the bettor wins the bet associated with the option. Alternatively, the bettor may only be able to exercise the purchased option if the bettor loses the option-related bet.

Referring now to FIG. 12, an exemplary method 1200 for offering, purchasing and exercising options is shown. At step 1202, a request to bet on an event may be received from a user. At step 1204, options may be offered for the user to purchase at a certain price to cancel the wager. At step 1206, an instruction from a user to purchase an option may be received. At step 1208, an instruction to use an exercise option may be received. In step 1210, in response to the user exercising the option, the wager may be canceled in exchange for a refund amount. The user may need to use at least a portion of the refund amount to place another wager.

The above description of illustrated embodiments, including those described in the Abstract, is not intended to be exhaustive or to limit the embodiments to the precise forms disclosed. While specific embodiments, and examples are described herein for illustrative purposes, various equivalent modifications are possible without departing from the spirit and scope of the invention, as those skilled in the art will recognize. The teachings of the various embodiments provided herein can be applied to other systems, not necessarily the exemplary sportsbook wagering computer system described above. In some embodiments, one or more of the payout computer system and sportsbook betting computer system may be one system or be controlled by one entity. Additionally, in some embodiments, the features and functions described above can be implemented on a stand-alone system.

For example, the foregoing detailed description has set forth various embodiments of devices and/or procedures by using block diagrams, schematic diagrams and examples. To the extent such block diagrams, schematic diagrams, and examples contain one or more functions and/or operations, those skilled in the art will appreciate that each function and/or operation within such block diagrams, flowcharts, or examples may Implemented individually and/or collectively by a variety of hardware, software, firmware, or virtually any combination thereof. In one embodiment, the subject matter may be implemented via an application specific integrated circuit (ASIC). However, those skilled in the art will appreciate that, in view of the present invention, all or part of the embodiments disclosed herein can be equivalently implemented in standard integrated circuits to run on one or more computers. programs (e.g., one or more programs running on one or more computer systems), one or more programs running on one or more controllers (e.g., microcontrollers), one or more one or more programs, firmware, or nearly any combination thereof, and designing circuits and/or writing code for the software and/or firmware will not depart from this Technologist's skills.

Furthermore, those skilled in the art will appreciate that the mechanisms taught herein can be distributed as a program product in various forms and that the illustrative embodiments are equally applicable regardless of the particular type of signal-bearing medium used to actually effectuate such distribution. Examples of signal bearing media include, but are not limited to, the following: recordable type media such as portable disks and memories, hard drives, DVDs, CD ROMs, digital tapes; and other non-transitory computer readable storage media .

The various embodiments described above can be combined to provide other embodiments.

From the above discussion, it will be appreciated that the present invention can be embodied in a variety of embodiments, including but not limited to the following:

Embodiment 1: a kind of method, it comprises: receiving a request from a user to bet on an event; providing an option for the user to purchase to cancel the wager in exchange for a refund amount, Wherein providing the option includes providing at least a first exercise time and a second exercise time for the user to select, the first exercise time having a first cost associated therewith, and the second exercise time having a second fee, wherein a price of the option is based on the fee associated with the exercise time selected by the user, wherein the selection of the first execution time allows the user to cancel the wager at least before the first execution time in exchange for the refund amount, wherein selection of the second execution time allows the user to cancel the wager at least before the second execution time in exchange for the refund amount, and wherein the refund amount associated with each of the first execution time and the second execution time is the same amount; receiving an instruction from the user to purchase the option, including receiving a selection by the user of the first exercise time or the second exercise time; record that the user has paid an instruction for the option at which the price is based on the fee associated with the exercise time selected by the user; receive an instruction from the user to exercise the option at least before the selected exercise time; and In response to the user exercising the option, the wager is canceled in exchange for the refund amount.

Embodiment 2: the method of Embodiment 1, wherein the second execution time is subsequent to the first execution time.

Embodiment 3: the method of Embodiment 2, wherein the second fee is greater than the first fee.

Embodiment 4: The method of Embodiment 3, wherein the bet has an associated bet amount, and wherein the refund amount is a percentage of the bet amount.

Embodiment 5: The method of embodiment 4, wherein the refund amount is provided to the user when the option is offered for purchase by the user.

Embodiment 6: The method of Embodiment 4, wherein the user is required to use at least a portion of the refund amount for another bet.

Embodiment 7: The method of Embodiment 1, wherein the bet has an associated bet amount, and wherein the refund amount is a percentage of the bet amount.

Embodiment 8: The method of Embodiment 7, wherein the option is provided for the user to purchase to cancel the bet only when the bet amount is less than a specified amount.

Embodiment 9: as the method of embodiment 1, wherein the wager has an associated wager amount, Wherein when the bet amount is less than or equal to a maximum amount, the refund amount is a percentage of the bet amount, Wherein when the bet amount is greater than the maximum amount, the refund amount is a percentage of the maximum amount.

Embodiment 10: The method of Embodiment 1, wherein the user is required to use at least a portion of the refund amount to place another bet.

Embodiment 11: as the method of embodiment 1, Wherein providing the option further includes providing at least a third exercise time and a fourth exercise time for the user to select, the third exercise time has a third fee associated therewith, and the fourth exercise time has a a fourth fee, wherein a price of the option is based on the fee associated with the exercise time selected by the user, wherein the selection of the third execution time allows the user to cancel the wager at least before the third execution time in exchange for the refund amount, wherein the selection of the fourth execution time allows the user to cancel the wager at least before the fourth execution time in exchange for the refund amount, wherein the refund amount associated with each of the first execution time, the second execution time, the third execution time and the fourth execution time is the same amount; wherein the fourth execution time is subsequent to the third execution time, the third execution time is subsequent to the second execution time, and the second execution time is subsequent to the first execution time, and Wherein the first fee is less than the second fee, the second fee is less than the third fee, and the third fee is less than the fourth fee.

Embodiment 12: as the method of embodiment 11, wherein the first fee is between $2.40 and $2.60, wherein the second fee is between $5.40 and $5.60, wherein the third fee is between US$8.90 and US$9.10, Wherein the fourth fee is between US$12.40 and US$12.60.

Embodiment 13: The method of Embodiment 12, wherein the bet has an associated bet amount, and wherein the refund amount is a percentage of the bet amount.

Embodiment 14: the method of embodiment 13, wherein the percentage is between 20% and 30%.

Embodiment 15: the method as embodiment 1, it further comprises: receiving a request from another user to bet on an event, and providing an option for the other user to purchase to cancel the wager in exchange for a refund amount, wherein providing the option includes providing at least the second execution time but not providing the first execution time for the other user choose.

Embodiment 16: A method comprising: receiving a request from a user to bet on an event; providing a plurality of options including at least a first option and a second option for the user to purchase to cancel the wager in exchange for a refund amount, wherein the first option has a first exercise time and a first price associated therewith, and the second option has a second exercise time and a second price associated therewith, wherein selection of the first option allows the user to cancel the wager at least before the first exercise time in exchange for the refund amount, wherein selection of the second option allows the user to cancel the wager at least before the second exercise time in exchange for the refund amount, and wherein the refund amount relating to each of the first option and the second option is the same amount; receiving an instruction from the user to purchase at least one of the first option and the second option; receiving an instruction from the user to exercise the purchased option at least prior to the exercise time associated with the purchased option; and In response to the user exercising the purchased option, canceling the wager in exchange for the refund amount.

Embodiment 17: The method of Embodiment 16, wherein the second execution time is subsequent to the first execution time.

Embodiment 18: the method of embodiment 17, wherein the second fee is greater than the first fee.

Embodiment 19: The method of Embodiment 18, wherein the wager has an associated wager amount, and wherein the refund amount is a percentage of the wager amount.

Embodiment 20: The method of Embodiment 19, wherein the refund amount is provided to the user when the option is offered for purchase by the user.

Embodiment 21: The method of Embodiment 19, wherein the user is required to use at least a portion of the refund amount to place another bet.

Embodiment 22: The method of Embodiment 16, wherein the wager has an associated wager amount, and wherein the refund amount is a percentage of the wager amount.

Embodiment 23: The method of Embodiment 16, wherein the user is required to use at least a portion of the refund amount to place another bet.

Embodiment 24: as the method of embodiment 16, Wherein providing the plurality of options further comprises providing at least a third option and a fourth option to the user, the third execution time has a third fee associated therewith, and the fourth execution time has a first execution time associated therewith Four fees, wherein the third option has a third exercise time and a third price associated therewith, and the fourth option has a fourth exercise time and a fourth price associated therewith, wherein selection of the third option allows the user to cancel the wager at least before the third exercise time in exchange for the refund amount, wherein selection of the fourth option allows the user to cancel the wager at least before the fourth exercise time in exchange for the refund amount, and wherein the refund amount associated with each of the first option, the second option, the third option and the fourth option is the same amount, wherein the fourth execution time is subsequent to the third execution time, the third execution time is subsequent to the second execution time, and the second execution time is subsequent to the first execution time, and Wherein the first fee is less than the second fee, the second fee is less than the third fee, and the third fee is less than the fourth fee.

Embodiment 25: as the method of embodiment 24, wherein the first fee is between $2.40 and $2.60, wherein the second fee is between $5.40 and $5.60, wherein the third fee is between US$8.90 and US$9.10, wherein the fourth fee is between $12.40 and $12.60, wherein the bet has an associated wager amount, and The refund amount is a percentage of the bet amount, and the percentage is between 20% and 30%.

Embodiment 26: A method comprising: receiving a request from a user to bet on an event; providing an option for the user to purchase at a price to cancel the bet, Wherein the option includes a plurality of exercise times, the plurality of exercise times includes at least a first exercise time and a second exercise time, the first exercise time has a first refund amount associated therewith, and the second exercise time has associated therewith a second refund amount, and the second execution time is subsequent to the first execution time, and Wherein the option allows the user to cancel the wager before and/or at the first exercise time in exchange for the first refund amount, or after the first exercise time and at the second Canceling the wager before the execution time and/or at the second execution time in exchange for the second refund amount; receiving an instruction from the user to purchase one of the options; receive an instruction from the user to exercise the option; and In response to the user exercising the option, canceling the wager in exchange for: (i) the first refund amount when the user exercises the option before and/or at the first exercise time, or (ii) the second refund amount when the user exercises the option after the first exercise time and before and/or at the second exercise time.

Embodiment 27: the method of claim 26, wherein the first refund amount is greater than the second refund amount.

Embodiment 28: The method of Embodiment 27, wherein the wager has an associated wager amount, and wherein the first refund amount is a percentage of the wager amount, and wherein the second refund amount is the wager amount A percentage of the bet amount.

Embodiment 29: The method of Embodiment 27, wherein the first refund amount and the second refund amount are provided to the user when the option is offered for purchase by the user.

Embodiment 30: The method of Embodiment 26, wherein the user is required to use at least a portion of the first refund amount or the second refund amount to place another bet.

Embodiment 31: A method comprising: receiving a request from a user to bet on an event; providing an option for the user to purchase at a price to cancel the bet, receiving an instruction from the user to purchase one of the options; receive an instruction from the user to exercise the option; and Responsive to the user exercising the option, canceling the wager in exchange for a refund amount, wherein the user is required to use at least a portion of the refund amount to place another wager.

Embodiment 32: The method of Embodiment 31, wherein the amount of the refund amount is provided to the user when the option is offered for purchase by the user, or wherein the refund amount is determined when the option is exercised by the user .

Embodiment 33: The method of Embodiment 31, wherein the user is given a time limit to use at least a portion of the refund amount for another wager or forfeit the at least a portion of the refund amount.

Embodiment 34: the method as embodiment 31, it further comprises: In response to the user exercising the option, an interface is provided for the user to place another wager using the at least a portion of the refund amount.

These and other changes can be made to the embodiments in light of the above detailed description. In general, the terms used in the following claims should not be construed as limiting the claims to the specific embodiments disclosed in the specification and claims, but should be construed as including all possible embodiments and references to the nomenclature The full range of equivalents to the scope of these claims. Therefore, the patent scope of the application is not limited by the present invention.

100: Network environment, system 102, 102a~102n: server computing system 104, 104a~104n: computer readable storage medium, database 106, 106a~106n: client computing system 108: Network 110: Non-transitory computer-readable storage media, telecommunication devices 111: Telecommunication device 112: Personal Digital Assistant (PDA) device 114,114a~114d: HTML original files or web pages 200: Betting environment and system of electronic sports betting station 202: Sports betting station betting computer system 208: Local area network (LAN) 210: wide area network (WAN) 212, 212a~212b: processing unit, processor 214: System memory 216: System bus bar 218,270: Read Only Memory (ROM) 220, 272: Random Access Memory (RAM) 222,271: Basic Input/Output System (BIOS) 224: hard drive, drive 226: Hard disk, computer readable storage medium 228: CD player, drive 230: disk drive, drive 232: Optical discs, computer readable storage media 234: Disk, computer readable storage medium 236: operating system 238: Application 240: Refund Amount Determination Module 242: Program data 244:Historical analysis module 246,276: Touch screen or keyboard 248: mouse 250,300,400: interface 252: Monitor 254: Video interface 260: Network interface 262: Payment and Expenditure Computer System 264: Bettor A computer system 266: Bettor B computer system 268: processing unit 269: System memory, processing unit 273:Media drive 274: computer readable storage medium 275: User interface 277: pointing device 278:Display or monitor 280, 286: Processing Subsystems 282:User Interface Subsystem 284: browser 288:Media Subsystem 290: User Interface Subsystem 299: modem 302, 318: User Interface Items 308:User interface item 312, 314, 320, 322: icons or buttons 316: ticket printing and retrieval components 324:Component 500,600,700,800,900,1000,1100,1200: method 502~506,602~608,702~706,802~808,902~916,1002~1014,1102~1116,1202~1210: steps

In the drawings, like reference numbers identify similar elements or acts. The size and relative positions of elements in the drawings are not necessarily drawn to scale. For example, the shapes and angles of various elements are not drawn to scale, and some of these elements are arbitrarily enlarged and positioned to improve drawing intelligibility. Further, the particular shape of an element as drawn is not intended to convey any information about the actual shape of the particular element, and is merely chosen for ease of recognition in the drawings.

FIG. 1 is a schematic diagram of a networked environment including a plurality of servers and a plurality of clients communicatively coupled to the servers by one or more networks for use in electronic sports betting in accordance with one depicted embodiment. The noted systems, devices and methods can be part of or implemented in a networked environment.

2 is a schematic diagram of an electronic sportsbook wagering environment having an exemplary bettor computing system, an exemplary sportsbook wagering computer system, and an exemplary payout in accordance with one depicted embodiment Expenditure computer system.

3 is a diagram of an exemplary bettor user interface for purchasing a sportsbook wagering put option, according to one depicted embodiment.

4 is a diagram of an exemplary bettor user interface for executing a sportsbook wager put put option, according to one depicted embodiment.

FIG. 5 is a flowchart illustrating a method of electronically processing a request to purchase a sportsbook wager put put option in accordance with one depicted embodiment.

FIG. 6 is a flowchart illustrating a method of electronically determining an amount refunded to a bettor who is running a sportsbook previously purchased by the bettor for use in the method of FIG. 5 , according to one depicted embodiment. Note the call put option.

7 is a flowchart showing a method of electronically ordering the ticketing of a wager associated with a sportsbook wagering putback option, according to one depicted embodiment.

8 is a flow diagram illustrating a method of electronically initiating payment to a bettor who is executing a sportsbook put-back option previously purchased by the bettor, according to one depicted embodiment.

Figure 9 is a flowchart showing an example for offering, purchasing and exercising options.

Figure 10 is another flowchart showing an example for offering, purchasing and exercising options.

Figure 11 is yet another flowchart showing an example for offering, purchasing and exercising options.

Figure 12 is yet another flowchart showing an example for offering, purchasing and exercising options.

500: method

502~506: steps

Claims (11)

A computing system comprising: A server comprising at least one processor, wherein the server communicates with a plurality of user computing elements over a network, and wherein the at least one processor is configured to control the following actions: receiving a request to bet on an event from a remote device of a user via a communication network; determining a fee for each of a plurality of different execution times, including a first fee for a first execution time and a second fee for a second execution time, wherein the fee for each execution time is different, and wherein the second execution time is one of before and after the first execution time; displaying on a display of the remote device via the communication network selectable indicia corresponding to a request to purchase an option to cancel the wager in exchange for a refund amount, wherein the selectable indicia includes the first execution time and the second execution time, wherein the selection of the first execution time allows cancellation of the wager before the first execution time in exchange for the refund amount, and wherein the selection of the second execution time allows cancel the wager before the time in exchange for the refund amount, receiving an instruction to purchase the option from the remote device via the communication network, wherein the instruction to purchase the option includes selecting the first exercise time from the optional flag indicating purchase of the option; receiving from the remote device, over the communication network, information indicating exercise of the option prior to the selected exercise time; and In response to the information indicating exercise of the option, canceling the wager in exchange for the refund amount. For the computing system of claim 1, wherein the first execution time is displayed with the first fee, and the second execution time is displayed with the second fee, and wherein the second execution time is after the first execution time, and Wherein the at least one processor is configured to control the following actions: displaying on the display of the remote device via the communications network a second selectable indicia corresponding to a request to exercise the option, and Data indicating selection of the second selectable token for exercising the option is received from the remote device via the communication network. The computing system as claimed in item 1, wherein the bet has a bet amount, and wherein the refund amount is a percentage of the bet amount. The computing system as claimed in item 1, wherein the user is required to use at least a part of the refund amount for another bet. For the computing system of claim 1, wherein the wager has an associated wager amount, Wherein when the bet amount is less than or equal to a maximum amount, the refund amount is a percentage of the bet amount, Wherein when the bet amount is greater than the maximum amount, the refund amount is a part of the maximum amount. The computing system of claim 1, further comprising: Wherein the at least one processor is configured to control the following actions: receiving a request to bet on an event from another computing device via the communication network; and displaying on a second display of the other computing device via the communication network a second selectable indicia corresponding to a request to purchase an option to cancel the wager in exchange for a refund amount, wherein the second selectable The checkmark includes at least the second execution time but not the first execution time. A computing system comprising: A server comprising at least one processor, wherein the server communicates with a plurality of user computing elements over a network, and wherein the at least one processor is configured to control the following actions: receiving a request to bet on an event from a remote device of a user via a communication network; determining an exercise time and a price for each of a plurality of options to cancel the wager in exchange for a refund amount; displaying on a display of the remote device via the communication network selectable indicia corresponding to a request to purchase a first option and a second option of the plurality of options, wherein the first option has an associated and the second option has associated therewith a second exercise time different from the first exercise time and a second price different from the first price; wherein the selection of the first option allows the user to cancel the wager before the first execution time in exchange for the refund amount, wherein the selection of the second option allows the user to cancel the bet before the second execution time in exchange for the refund amount, wherein the first price is displayed associated with the first execution time and the second price is displayed associated with the second execution time; and receiving an instruction to select the selectable indicia from the remote device over the communication network indicating a purchased option of the first option and the second option, receiving from the remote device, over the communication network, information indicating exercise of the purchased option prior to the exercise time associated with the purchased option; and In response to receiving the information indicating exercise of the purchased option, canceling the wager in exchange for the refund amount. Such as the computing system of claim 7, wherein the second execution time is after the first execution time, and Wherein the at least one processor is configured to control the following actions: displaying on the display of the remote device over the communications network a second selectable indicia corresponding to a request to exercise one of the options, and Data indicating selection of the second selectable token for exercising one of the options is received from the remote device over the communication network. The computing system as claimed in item 8, wherein the bet has a bet amount, and wherein the refund amount is a percentage of the bet amount. The computing system as claimed in claim 8, wherein the user is required to use at least a part of the refund amount for another bet. A computing system comprising: A server comprising at least one processor, wherein the server communicates with a plurality of user computing elements over a network, and wherein the at least one processor is configured to control the following actions: receiving a request to bet on an event from a remote device of a user via a communication network; displaying on a display of the remote device via the communications network an optional indicia corresponding to a request to purchase an option for canceling the wager in exchange for a refund amount at a price, wherein the available The check marks include a first execution time associated with a first cost and a second execution time associated with a second cost, wherein selection of the first execution time allows cancellation of the wager before the first execution time to in exchange for the refund amount, and wherein the selection of the second execution time allows cancellation of the wager before the second execution time in exchange for the refund amount, receiving an instruction to purchase the option from the remote device via the communication network, wherein the instruction to purchase the option includes selecting the first exercise time from the optional flag indicating purchase of the option; receiving from the remote device over the communication network information indicating that the user exercises the option; and In response to the user exercising the option, the wager is canceled in exchange for a refund amount, wherein the user is required to use a portion of the refund amount to place another wager.

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